The One-Stop Shop For All Your Legal Needs

Being prepared to juggle retirement and divorce

On Behalf of | Sep 13, 2019 | Divorce

When a couple has decided to get divorced from each other in Wisconsin, they face many challenges in regards to separating the life they have created together. Effectively and efficiently moving forward with life can be exponentially more difficult for couples that have been married for a longer period of time. One area that can be seriously impacted is a couple’s retirement savings and plan.

According to U.S. News, if a couple has been married for enough years that they are both over 50, they should be fully prepared to see their retirement savings cut in half. In some cases, couples may agree that they will not require alimony of each other to increase the number of funds they have to contribute to their retirement savings that are now dwindling. Even in situations where the reason for divorce is clearly one person’s fault, it is common for all retirement savings to be split evenly between the two parties.

The sooner that people realize that they are entirely responsible for recovering, building and maintaining their retirement savings, they can begin making decisions that will enable them to recoup as much as possible before they are ready to retire. Throughout their divorce and immediately afterward, people should begin establishing new retirement goals and creating plans for how they can achieve their goals without compromising their financial stability.

The Motley Fool suggests three helpful tips for people to consider including creating a budget for themselves that clearly defines the income they have, as well as where they are spending their money. They should also open their own bank account with a corresponding credit line as soon as possible to begin accumulating money in their own account without the influence of their spouse. Finally, people should consider investing and other solutions for accumulating financial growth in an efficient manner.