Divorce Over 50
THE IMPACT ON RETIREMENT PLANNING
Divorce over 50 has specific considerations. If you are over 50 and contemplating divorce, it is important to consider how the divorce will impact your retirement planning, including the timing of your retirement as well as the new economic reality divorce may bring. Our experience working with San Diego couples who divorce later in life has shown that many are unaware of the following considerations:
- You may own part of your spouse’s pension or retirement, that is, a part of the amount he or she will receive (or is already receiving) every month for life as a result of employment during the marriage.
- You may own part of your spouse’s retirement account, like a 401(k), 403(b), IRA, or TSP.
- If you have been married more than 10 years, you may be entitled to social security benefits equal to the one-half the amount your spouse receives, even if you did not work outside the home during marriage.
- While you own one-half of any business started during the marriage, whether you actively participate or not, you may also have an ownership interest in a business your partner started prior to marriage.
It is always important to work with a San Diego family law attorney who understands your family dynamic and post-divorce goals. But it is particularly important to work with a family law attorney if you are considering a divorce if you are over 50 and get closer to retirement age.