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What can you do to plan for retirement during divorce?

Previously, this blog has submitted posts documenting a new phenomenon that is worth serious consideration. Many older Maryland residents are now facing the prospect of a divorce than ever before.

Baby boomers may benefit from some advice on how to best protect their financial interests in the event of a high asset divorce. Some of the following tips may be especially helpful to these divorcing couples.

One important action that can be taken if a divorce appears to be on the horizon is to carefully examine one's individual retirement goals. It is possible that the goals that one previously had are either no longer feasible -- or even desirable -- given the reality of a divorce.

It is essential to set reasonable and realistic financial goals. Everyone who is either going through a divorce or is about to initiate the process should carefully examine their financial well-being and spending habits, because some adjustments may need to be made in order to maintain a standard of living after divorce similar to the one held during the marriage. It may be especially important to save up for unexpected costs or emergencies which may come up, and maintain credit worthiness in case it becomes necessary to borrow to cover any unexpected or unplanned expenses.

One important consideration is whether one is eligible to receive social security benefits and how much to expect from those benefits when planning post-divorce finances. For couples who were married for over 10 years and approaching their 60s, this may be especially important potential income and should be taken into consideration when dealing with spousal support and equitable division of assets and property.

Facing divorce at any point in life can be stressful. However, when one is on the cusp of retirement it can be particularly complicated if it's not handled thoughtfully. An experienced family law professional can assist in navigating the complex issues that can accompany a high asset divorce so that the best possible result is obtained.

Source: Huffington Post, "Going Through A Gray Divorce? Focus On Your Retirement Savings," Suzanna De Baca, Jan. 9, 2013

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