Few things are as fiscally devastating as divorce can be, especially when you are unprepared for a financial future without your spouse. There are countless issues to resolve in the divorce process, including matters involving your children, property division, custody, alimony, etc. While you may be caught up with other issues requiring attention, it is vital you protect your financial future with full force, primarily your retirement. Working your entire life only to be finagled of what you have earned is a disaster our team at Schuttler, Greenberg & Mullins, LLC wants to help you avoid.
Our legal team suggests the following tips to protect your retirement:
- File a Domestic Relations Order, also known as a QDRO, which divides your retirement fund.
- Change your beneficiaries.
- Close your joint accounts.
- Get disability or health insurance.
- If you were married for at least 10 years, you may be entitled to receiving a portion of his or her Social Security benefits. You must compare benefits and can choose the better of 2 to claim. However, if you remarry before the age of 60, you cannot collect any Social Security benefits.
- Review your investment portfolio in order to reevaluate your risk tolerance.
Though there are several pressing issues to resolve in your divorce, many people forget their retirement is also at risk. This is especially true for younger couples, as they are less likely to think so far ahead--though nothing could be worse. Don’t make the mistake of undervaluing the effect your divorce can have on your retirement.
Contact Our Family Law Attorneys Today
If you are headed for divorce and fear for the state of your finances post-divorce, look no further than Schuttler, Greenberg & Mullins, LLC. Our legal team is led by family lawyers with a combined 75+ years of experience who have served Boca Raton to the best of our ability since our firm’s inception. We want to be your advocates in your time of need, guiding you to a future you always wanted.
To get in contact with a member of our firm, don’t hesitate to call (561) 336-6082.