Negotiating Divorce Before Retirement

Divorcing in your retirement years is growing in popularity, but it carries some significant financial risks. Investment income, Social Security benefits, and other financial instruments must be split equitably according to the law, without leaving one party without the money necessary to support themselves after retirement.

It is best for both parties to retain financial advisors along with legal counsel during negotiations. They can work with you and your partner to create a Qualified Domestic Relations Order, which will help split retirement accounts without causing tax issues.

An article on The Huffington Post recommends these early steps in your divorce to aid your negotiations:

  •  Make both a pre-divorce and a post-divorce budget to show your financial needs.
  •  Review all retirement investment vehicles to make sure they will meet your new financial reality.
  •  Review Social Security benefits, especially spousal benefits. Spouses married 10 years or longer are entitled to benefits until they remarry.
  •  Talk with a financial advisor about resetting your expectations of your finances.

If you live in the Seattle area, Elise Buie Family Law is ready to help you with issues like these. Washington is a community property state, which has its own complications during divorce proceedings. All property gained during the marriage are considered to be owned by both partners. Splitting things equitably is difficult and requires a skilled attorney. Call today if you’re facing divorce and want someone to fight for your fair share.

STAY UP TO DATE

Subscribe to our newsletters

 
Subscribe to one or more of our newsletters, delivering meaningful insight on topics that matter to you and your family.
ebl home subscribe image

FURTHER READING

Latest Blog Posts

Everyone who has anyone in their life needs an estate plan, even people who own little or no property.

A common question about legal fees is why they are so high. The following article details what is built into legal fees and explains their cost.

Gifting an estate plan is an act of love because an estate plan goes far beyond material possessions, addressing the emotional, practical, and long-term well-being of your loved ones.

Prenuptial agreements (also known as prenups) can play a pivotal role in safeguarding individual spousal rights in the event of divorce and can also strengthen a marriage.

Valentine’s Day can be tricky for single parents, maybe even you. Unpartnered, at least for the time being, you might not foresee your plans fitting into conventional images of the holiday. But that doesn’t have to be. Valentine’s Day, when you’re single, can be more than a day you need to survive. It can be a day to look forward to.

Collaborative law has evolved into a globally practiced
discipline, extending well beyond the realm of family law, and is used frequently in Seattle divorces.

Classifying January as divorce month could be misleading, given how some of the numbers tell a different story. However, one thing remains clear: January is a great time for a fresh start.

A family law attorney can help with child custody (residential time) by creating or modifying a parenting plan.

Given the importance of the trustee’s role in an estate plan, it is necessary to understand the responsibilities before choosing a trustee or accepting the obligation to become one.

If you and your partner reside in Washington state and are unmarried, you each might qualify for the legal protections availed to you by law by classifying your relationship as a committed intimate relationship.