As you’re trying to untangle the emotional realities of your divorce, you’ll also have to figure out how to navigate other important legal issues. Property division might be top of mind for you given the implications it can have for your post-divorce life. While our state recognizes an equitable division of marital assets, such division doesn’t not have to be equal. Therefore, you must advocate for yourself if you want to secure the portion of the marital estate that you need to be stable once your marriage is dissolved.
That said, you can’t just focus on your immediate financial needs as you proceed through your divorce. You’ll also want to think about your long-term financial requirements, including your retirement. If you overlook your long-term needs, then you might find yourself in a difficult position as you age closer to retirement.
How can you protect your retirement interests amid your divorce?
With a little bit of foresight, you can create a divorce strategy that protects your retirement interests. Here are some specific tactics that you might be able to utilize in your marriage dissolution:
- Use other marital assets for negotiation leverage: A lot of divorces resolve through negotiation. As you try to settle your divorce, you can identify assets that are important to your spouse so that you can then use them as leverage to gain a larger share of retirement accounts. So, before heading into your divorce, make sure you understand your spouse’s goals and where you’re willing to give to obtain more in retirement assets.
- Know what you need: You can’t enter divorce negotiations blindly. Instead, you should have a firm grasp on what you need post-divorce to build the life that you want. By having these goals laid out, you’ll be better positioned to build an effective negotiation strategy.
- Address spousal support: In many instances, alimony provides a spouse with financial support until they become self-sufficient. But spousal support can become a bartering tool when significant retirement assets are in play. When using alimony as a point of negotiation to secure more retirement assets, just make sure you understand the financial implications of each course of action before you.
- Think about what portion of your retirement accounts are separate in nature: Only assets that are considered part of the martial estate will be subjected to equitable division. Therefore, retirement contributions made prior to your marriage may be deemed separate in nature and thus exempt from the property division process.
- Consider your age: The older you are, the less time you have to replenish your retirement accounts. Therefore, your age needs to be taken into consideration during divorce negotiations and litigation. You don’t want to wind up in a position where you don’t have time to build the wealth you need to be financially stable.
Craft a comprehensive divorce strategy that strongly positions you for the future
The outcome of your divorce will have a tremendous impact on your future for years to come. With so much on the line, you need to devote the time and attention to the divorce process necessary to secure an outcome that’s right for you. Therefore, you’ll need an idea of your divorce goals, strong evidence to support your requests, and a firm understanding of how to develop legal arguments that speak to the law. By doing all of that, you’ll better position yourself for the successful outcome you want. If you want to learn more about how to navigate the divorce process with confidence, then we encourage you to browse our blog and the rest of our website.