After several decades of marriage, most couples have accumulated quite a few marital assets. Retirement savings tend to be among the most valuable assets in these marriages for a number of reasons, including their actual cash value as well as the promise of a financially stable retirement. For couples who are filing for divorce after 30 plus years of marriage, retirement accounts are often a central issue.
Retirement after divorce
Retirement plans often look much different after a divorce. Since retirement funds intended to support two people in one household rarely stretch as far when split and used to support two different households, many people decide to postpone retirement. Divorcees often need time to rebuild retirement savings and even make new retirement plans. If a couple still has minor children at the time of retirement, a custody agreement could even limit where each parent chooses to retire.
Some people might be able to rely on more than just retirement savings, though. It is not uncommon for some spouses to give up their careers or accept lower paying positions in order to raise children or simply better support their partners’ careers. In this case, an individual might be able to ask for spousal support, which can be an important source of income during retirement. Other matters to take into consideration when divorcing after decades of marriage or close to retirement include:
- The impact on one’s lifestyle
- When to withdraw retirement funds
- Which assets are worth fighting for
There is also an emotional side to divorce that cannot be overlooked. It can be difficult to untangle decades of marital assets on top of dealing with one’s feelings on the matter. However, it is not necessary to go through this process alone. Working closely with a lawyer who is well versed in Pennsylvania family law can often make the process proceed much more smoothly.