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Divorce can have a significant impact on retirement monies

On Behalf of | Aug 18, 2020 | Uncategorized

When a New Jersey couple decides to end their marriage, they are often able to reach an agreement concerning all material family law issues. This is known as settling a divorce, and it can be a simple or complex process.  A spouse considering filing for divorce will want to keep numerous issues in mind, especially those regarding finances.

Divorce can take a significant toll on a person’s retirement savings, for instance. The longer a couple has been married, the more financial implications there may be when they decide to end their relationship. Understandably, going from a dual income household to being a sole wage earner can cause obvious financial consequences.

When there is less money available, it is far more challenging to build a nest egg for retirement. Creating a post-divorce budget is a good place to start. One of the things a concerned individual can do is make retirement savings a top priority after divorce. If possible, it is also a good idea to make some investments, and to set money aside for the future on a weekly or monthly basis.

Making smart investments after divorce can help to avoid financial disaster, especially if the individual reinvests assets acquired through property division proceedings. A spouse who does not believe he or she will be able to financially survive after divorce may ask for. Anyone who has questions about retirement benefits or other financial issues in connection with marital property may request a meeting with an experienced family law attorney for support.