Skip to main content
(866) 465-5395 Schedule a Consultation (866) 465-5395 Schedule a Consultation

Top Tip to Reduce Impact of Divorce on Retirement

| |

There are a lot of things that can go wrong during the asset division portion of a divorce. One area that requires particular attention involves retirement assets.

Retirement assets are often a difficult asset to split during divorce. A group of financial professionals recently completed a survey focusing on the more common issues that can arise when attempting to split this asset and provided some information that is insightful for any couple considering divorce.

What were the results of this survey? The survey involved certified public accountants (CPAs) and was conducted by the American Institute of Certified Public Accountants (AICPA).

Three of the main findings from the survey include:

  • Updating estate plans. 51.2 percent of this group of financial planners reported that those prepping for divorce should take time to update their estate plans, with particular attention to the language used to create any trusts.
  • Build retirement accounts. 50.7 percent encourage couples to add more to their retirement accounts, if possible.
  • Decrease spending. When going through a divorce, it can be helpful to decrease overall spending and reevaluate how money will be managed to better ensure future financial success. This was recommended by 42.8 percent of the participants in this survey.

Although these three findings provide some guidance to couples preparing to navigate a divorce, there was one main tip that the advisors strongly encouraged their clients to follow.

How can couples nearing retirement better prepare their finances for divorce? The number one tip from the experts behind this survey when it comes to prepping retirement savings for divorce: become familiar with the accounts.

It may seem like common sense, but the vast majority of couples continue to operate with one spouse, primarily the male, heading the financial portion of the relationship. This one individual is most familiar with the retirement accounts while the other may not even have a full understanding of which accounts are in use.

Take the time to learn. Figure out the current retirement strategy and determine if you want to maintain that plan or make adjustments. An attorney can also help with this process by advocating for your rights and working to better ensure you receive a fair split of the asset.

Client Testimonials

They are amazing! I highly recommend anyone that is in need of assistance with child support hearings to seek out the expertise and experience of this law firm and staff! They handled my case quickly and I feel that my money was put to good use. Much appreciated! Nothing less than five stars!

Alana Deverson

I just want to say GREAT JOB! She is a no nonsense professional with years of experience that qualifies her as a skilled Family Law attorney. She is seasoned, sensitive, and most of all she cares. She made things easy for me. Definitely recommend!

Kimberly Colby

Overall I was pleased with the results of my divorce case. The entire Petrelli Previtera team truly cares about their clients. Luckily for me, I was paired up with an amazing team helping all the way. If you happen to work with this firm and with the lawyers you’ll be in great hands. It was such an excellent service and it was beyond I expected.

A Family Law Client Chevy Chase , MD

Serving Clients at the Following Locations

Bethesda4800 Hampden Lane, Suite 200 Bethesda MD 20814(301) 234-7409view details
Maryland5425 Wisconsin Ave Chevy Chase, MD 20815(301) 889-8085view details
ChicagoTwo Prudential Plaza 180 North Stetson Suite 3500 Chicago, IL 60601(312) 252-2085view details
Schaumburg1750 E. Golf Rd, Suite 382 Schaumburg, IL 60173(630) 491-9670view details
Texas500 W 2nd St Suite 1900 Austin, TX 78701(512) 883-1684view details
Washington DC1717 K Street NW, Suite 900 Washington DC 20006(202) 519-0366view details
Denver7900 E. Union Ave. Suite 1100, Denver, CO 80237(720) 821-6440view details
Princeton475 Wall St, Suite 214, Princeton, NJ 08540(609) 917 9560view details
Linwood210 New Road #15 Linwood, NJ 08221(609) 375-0351view details
Parsippany8 Campus Dr, Parsippany, NJ 07054(973) 310-5320view details
Philadelphia1845 Walnut Street 19th Floor Philadelphia, PA 19103(215) 523-6900view details
Montgomery County516 DeKalb Street Suite C Norristown, PA 19401(610) 924-2870view details
Doylestown123 N Broad Street, Doylestown, PA 18901(267) 938-4480view details
Abington1147 Easton Road, Abington PA 19001(610) 890-4833view details
West Chester203 W. Chestnut St., Suite 204
West Chester, PA. 19380
(610) 431-4012view details
schedule a consultation Today
Contact Us Fill out the form or call us today (866) 465-5395