If you are about to go through the divorce process, you most likely have a lot on your mind. Divorce can be especially complicated for those who are getting divorced later on in life as well. This is because oftentimes, older divorcing spouses have more assets than younger couples, and further, those assets are often more commingled. This can make for a very complicated equitable distribution process. Though you may be worried most about your home, your possessions, and what’s in your bank account, you should also consider what will happen with your retirement benefits. Please continue reading and speak with our experienced Los Angeles divorce attorneys to learn more about how you can protect your retirement from the pitfalls of divorce. Here are some of the questions you may have:
Could creating a retirement account in my own name protect my retirement from a divorce?
One of the very best ways to protect your retirement from a divorce is to have your retirement account in your own name. You should also create your own IRA before the finalization of your divorce, as this will make it so you do not have to pay tax on any retirement assets provided by your spouse’s retirement plan. You can do so through a qualified domestic relations order.
How do I ensure I receive the maximum Social Security benefits?
As you may know, the longer you wait, the better the retirement benefits you receive. Therefore, waiting to draw from you or your spouse’s Social Security is often the best move, especially if your financial situation is not particularly challenging at the moment. If you were born 1943-1954, you can receive full Social Security benefits by the age of 66. If you were born in 1960 or after, you can receive full benefits at the age of 67. Even if you did not work for a paycheck and cared for the marital home while your spouse worked, you may draw from your spouse’s Social Security benefits as long as your spouse worked for at least 10 years.
What else should I do to help my finances after a late-life divorce?
If you are getting a divorce later on in your life, you should strongly consider reevaluating your financial situation as a whole. Calculate what you’ll be able to afford and where you may need to cut back. Ensuring that you are on top of your finances can pave the way for a relaxing and joyful retirement.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.