Divorce is complex, and it only becomes more complex the later on in life you get. Oftentimes, couples involved in late-life divorces are forced to consider a wide array of factors, including how they will parse out intertwined marital assets. One of the most complicated assets when it comes to the equitable distribution process are retirement assets. Please continue reading and speak with our experienced California divorce attorneys to learn more about how you can protect your retirement from a divorce and how our firm can assist you through every step of the legal process ahead. Here are some of the questions you may have:
Should I create a retirement account in my own name?
Yes. Creating a retirement account in your name is one of the smartest actions you can take to protect your retirement. Ensure that you create your own IRA before the divorce is finalized so you will not have to pay tax on retirement assets you’ve acquired from your spouse in the divorce. Our firm can help you do this through a qualified domestic relations order.
How can I maximize my Social Security benefits?
To maximize your Social Security benefits, all you have to do is wait to draw Social Security for as long as possible. Even if you never had a formal job, as long as you were married to a spouse who did have a formal job for at least 10 years, you may receive Social Security benefits based on your spouse’s work history. If you were born from 1943 to 1954, the full retirement age (the age at which you may receive full Social Security benefits) is 66. If you were born in 1960 or later, the full retirement age is 67.
How can I restructure my budget to protect my retirement from a divorce?
When couples get divorced, financial loss is almost inevitable. For this very reason, you should strongly consider creating a comprehensive financial plan to ensure that you do not sustain any significant losses and that you are capable of making all of your regular payments after your divorce. Do not make risky investments at this time. If you have any additional questions about retirement and divorce, please do not hesitate to speak with our seasoned California divorce attorneys today. We are always here to help.
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.