Nicaud & Sunseri Law Firm, LLC
Southshore Local 504-662-9596
Northshore Local 985-218-0494
Menu Contact
Making the ComplexUnderstandable

Protect your retirement savings during and after divorce

Saving enough money for retirement can be a challenge even for two-income couples. However, if you divorce, your retirement savings may be thrown into turmoil. Having to maintain your own home and pay for expenses as a single person can cut into the amount that you're able to set aside in your 401(k) or other retirement plan.

It's a good idea to get a financial advisor both during and after the divorce to help ensure that retirement assets are divided appropriately and that you keep your savings goals on track after your divorce.

Look at your retirement savings after the divorce is over. Calculate how they will grow given varying investment strategies. There are a number of online calculators available to help with that.

When determining whether you're on track for retirement, you should look at your Social Security benefits. If you and your spouse were married for at least 10 years and you don't remarry, you may be entitled to some of your ex-spouse's benefits. It's best not to take your benefits any sooner than you have to, though.

You may need to reset your financial priorities after your divorce. This may involve cutting back on some expenditures to help ensure that you continue to save. This involves making a budget and sticking to it. Track all of your expenses diligently to determine where you can cut back.

Going through a divorce can be a highly emotional and unsettling experience. However, it's essential not to neglect your financial well-being any more than your emotional or physical well-being. By having experienced legal and financial advisors on your side, you can help ensure that people are looking out for your interests even if you aren't.

Source: The Logan Daily News, "Personal Finance: Resetting your retirement after divorce," Jason Alderman, April. 14, 2015

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Covington Office
7020 US-190
Covington, LA 70433

Fax: 985-624-9698
Map & Directions

Metairie Office
3000 18th Street
Metairie, LA 70002

Toll Free: 800-230-7591
Phone: 504-662-9596
Phone: 985-218-0494
Fax: 504-833-2843
Map & Directions