The end of a marriage is a complex process that requires two parties to divide the money and property they accumulated over the course of the marriage. This includes various types of retirement accounts as well. If you are facing the end of your marriage, you probably have serious concerns about what this step will mean for your financial future.
No matter your age, you may already be thinking about retirement. Most people have plans for their golden years, but your divorce may require that you adjust some of your expectations for what you will be able to do. While it is likely that your divorce will impact your long-term plans, it is possible to secure a future that is strong and stable.
Negotiation can be useful
One helpful thing to remember is that there is no one-size-fits-all approach to divorce. What will work best for you depends on your individual situation, your needs and your goals for the future. For this reason, it may be smart to try to negotiate the terms of your property division order.
Although you and your spouse are divorcing, that does not mean that it will be impossible for the two of you to work together to reach a beneficial and sustainable final agreement that allows both of you to look to the future with confidence.
Adjust your expectations
It may be useful for you to think about what your future will be like after your divorce is final. Whether you will go to court or you will settle out of court, it can help to adjust your expectations now for what your divorce could mean for your retirement.
You will want to think about how your retirement will change. You will have reduced savings, and you may be living on one income. What adjustments will be necessary to save more money between the time your divorce is final until your last day of work? Working on those issues now can help you be intentional and specific about what you need for your future.
Start in the right place
Divorce is a difficult, emotional process. It can be overwhelming to make serious decisions that will affect your future, but you don’t have to do it alone. You can start with a complete evaluation of your case with an experienced Rhode Island legal advocate. When you understand your legal options, you can look to your plans for your post-divorce life with confidence.