Assessing retirement benefits and finances before divorce

by | Jul 14, 2016 | Uncategorized |

Divorce can affect Florida couples at various stages in their marriages, and the financial aftermath can be overwhelming for both parties involved in the process. There are many factors that are considered during financial negotiations in divorce, and both sides may view their own interests as top priorities while dealing with retirement plans and marital assets. It is important to consider the value in settling in a timely way rather than bickering over minor details since prolonged legal action could cost a large portion of any settlement in the form of fees.

It can be difficult to fear that your hard work and careful attention to saving for retirement could be erased through a settlement that leaves a large portion of your assets to the other party. At the same time, a spouse who has given up their career to take care of the home should be entitled to a fair financial settlement based on having sacrificed for the sake of the marriage and the family. Regardless of the situation, the laws related to the division of retirement benefits and other high value assets can be complex, which makes sound legal advice an important consideration.

Those approaching retirement age may find that decisions during divorce seriously affect their retirement plans and standard of living in the immediate future. Those going through divorce action after short marriages may find that there is less emphasis on retirement benefits. However, a high-asset scenario can still be very complicated after a short marriage, especially if the partners have shared resources in accumulating certain assets.

Reliable legal advice prior to beginning divorce proceedings could be important as you consider how you will approach negotiations over your assets. Read the divorce page of our Hillsborough County high asset divorce firm website to learn more about what to expect.