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Safeguarding one’s plans for retirement during a divorce

On Behalf of | Jun 7, 2020 | Divorce

There are many individuals in Arizona and elsewhere who spend years saving and planning for retirement. While those closing in on the golden years of life may wish to take every possible measure to keep retirement plans on track, the future can be difficult to predict. Those facing a divorce late in life may benefit from seeking advice on how to prepare to safeguard their futures during legal proceedings.

Experts suggest that those facing a divorce prior to or after entering retirement may find it vital to begin preparing for the process as soon as possible. Some topics to consider could include taking inventory of all marital assets and compiling a list of financial liabilities, as well as finding ways to uncover the possible presence of hidden assets. It may also be helpful to account for long-term goals and financial needs, as such information could play an integral role in preparing for negotiations.

Individuals facing a similar scenario may also have questions about how the outcome of a divorce could affect their plans for retirement. Understanding how the process might affect retirement savings and knowing whether one might need to make any lifestyle changes could also play a part in preparing for what comes next. While facing a divorce late in life could seem an intimidating endeavor, one does not necessarily have to go through such a process alone.

When facing a divorce prior to or after approaching retirement age, one could benefit from seeking guidance on how best to prepare for the process. By consulting with a family law attorney, a person in Arizona may obtain much needed advice in covering every crucial aspect of dissolving a marriage. An attorney can work with a client in addressing the necessary topics and creating a strategy to pursue the best outcome achievable concerning his or her future during divorce proceedings.