Don’t let divorce derail your retirement

If you are considering or going through divorce, it is likely that divorce will impact your retirement. However, the more knowledgeable you are about your and your spouse’s finances, including your retirement benefits, and divorce law in Texas, the better prepared you will be to make sure divorce doesn’t derail your retirement.

You and your spouse will begin the divorce process by gathering together all your financial documents. This will include statements for all your retirement accounts. Increasingly, the variety and complexity of these plans can require expert consultation or valuation during the divorce process.

Also, be aware of unique Social Security strategies that may or may not work to your financial advantage post-divorce. Current rule changes surrounding the timing of filing for Social Security could play a role in your retirement planning.

You and your spouse also will be required to provide documentation on other marital assets purchased during the marriage: real estate, cash, stocks and bonds, automobiles, trust interests, businesses, stock options, valuable collections, and more.

As you become knowledgeable on the financial aspects of divorce as well as divorce law in Texas, you will be in a better position to know what assets you want to secure from the settlement. Discuss your post-divorce goals with your divorce attorney and map out a strategy designed to help you achieve those goals.

Join Trey Yates at the Guide to Good Divorce seminars in Houston May 21, July 23 and Sept. 24. Visit www.GuideToGoodDivorce.com, or call 713-9327177.