Gregg R. Lewis

Trusted Family Law

Services In Columbus

Gregg R. Lewis
Trusted Family Law Services In Columbus

How can I protect my retirement in a gray divorce?

| Mar 13, 2019 | Post-divorce Estate Planning |

Gray divorces are happening more often than the used to in Ohio. Older couples are deciding after decades of marriage that they wish to end their relationships, which leads to issues that younger couples do not really have to deal with. One of the biggest is managing retirement funds. Generally, the law says an equal split of assets and retirement is an asset, so it could mean trouble for you if you end up losing your retirement money at an older age.

This is why you have to find ways to safeguard your retirement funds during the divorce settlement process, according to Money. There are some thing you can do beginning with coming to an agreement with your spouse outside of the courtroom. When you can reach a settlement, it often means you can keep more of your retirement. If you let the court decide, you usually will lose at least half of it.

You may also want to sell the family home and use this money in your settlement instead of your retirement. You could also put the money into your retirement accounts to help bulk them up, so losing half would not be as devastating.

You should seek professional help from a financial planning expert when dealing with retirement plans. You also need to reevaluate your estate documents and your overall finances. You want to see what your spouse has and what you have to get the bigger picture of what is being divided in the divorce. Knowing what you are dealing with can help you to better plan for the future and the division of your retirement funds. This information is for education and is not legal advice.