No matter the age of the couple involved, the end of a marriage can often be a stressful and daunting experience. However, if you are closing in on the age of retirement, you may have additional concerns about how the outcome of a divorce might impact your current plans for the road ahead.
Perhaps you have spent years planning and saving for this point in life, and you worry that a divorce could disrupt your retirement plans. While property division will affect your financial standings, there are certain measures you can take that might help you transition into life on your own with less worry on your mind.
Steps to take when divorcing near retirement
With numerous crucial areas to cover during a divorce, you could be feeling somewhat overwhelmed by the process. This may spark a need for guidance for the road ahead, and some tips to help you prepare for the subsequent proceedings could include the following:
- Retirement assets: Becoming informed on how retirement assets are divided before entering the divorce process will likely be beneficial, and you may also want to check on any state laws that may apply to your current situation.
- Negotiations: Divorce can be a highly emotional life event, and you may just want it to be over. However, with the potential weight of the outcome, focusing on the future, despite the pain, could be in your best interests.
- Valuation: Obtaining the correct value of all marital property and assets is often a crucial step to preparing for divorce proceedings. However, this can be complex, and acquiring assistance could be necessary.
- Taxes: Considering the potential tax ramifications of certain assets is another solid move during this period, perhaps especially those concerning retirement, as dividing these without the proper forms, such as a QDRO, could have consequences.
It may also be beneficial to consider social security benefits during this period, as you could be eligible to draw a higher amount via spousal benefits, depending on the length of the marriage.
Advice and assistance
Perhaps you wish to move into retirement on your own, but you still have reservations about a late life divorce. Obtaining guidance on the potential outcome, as well as assistance in covering every aspect along the way, could relieve a great deal of your stress. By speaking with someone with extensive knowledge of Wisconsin state divorce laws, you could obtain some much-needed advice throughout this challenging period, which may in turn prove beneficial to pursing a favorable outcome during divorce proceedings and moving toward retirement with less difficulty.