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A divorce does not need to shatter retirement dreams

Couples who have decided to end their marriage have many serious issues to take into consideration. One of the most weighty for many spouses is financial stability and whether the divorce will negatively affect retirement plans. Colorado residents who are worried about meeting retirement goals after a divorce may benefit from seeking financial advice.

If, during the marriage, both spouses worked and contributed to retirement plans, they may choose to simply retain their own plans, enabling each partner to focus on their goals moving forward. However, if only one spouse worked or if he or she has significantly more assets, finding an equitable split becomes more complicated. Retirement accounts belong to the named individual, but a Qualified Domestic Relations Order allows for these monies to be transferred to a qualified recipient. Though there may be fees involved along with the costs of a divorce, this option may provide a spouse with the chance to start saving for his or her own retirement. Pension plans may also be divided according to the terms of a settlement agreement.

Another option for feathering a comfortable retirement may be access to a portion of a former spouse's Social Security benefits. If a marriage lasted more than 10 years and the recipient spouse does not remarry, he or she may be entitled to up to half of the amount that the other spouse will receive. There are other qualifications that may need to be met before these benefits can be accessed. 

One can also start a new retirement savings plan. Starting with an assessment of one's budget and income, it is possible to map out savings goals for the future, in spite of losing a source of financial support after the divorce. Colorado residents may elect to consult with financial professionals, including an experienced attorney who can help ensure that the settlement agreement will provide a solid basis to support future financial goals.

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