Kennelly Business Law

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Family law choices and their impact on retirement plans

Divorce will bring significant and immediate financial changes to a person's life. No matter how wealthy a couple is or what kinds of assets someone in North Dakota has, it is likely that the end of a marriage will require adjustments to lifestyle and expectations for the future. Family law choices may require changes to retirement plans, especially if one or both parties are close to the end of their careers.

When a couple is younger, they have more time to recover financially from a divorce. The closer a person is to retirement age, the more critical it is for him or her to secure the right terms to financial settlement. Any funds or savings accumulated over the course of the marriage are eligible for distribution in a divorce, including long-term retirement accounts. This can virtually split in half what a person anticipates having for his or her golden years.

For some in North Dakota, this may mean retiring later than anticipated. Others who had children later in life may be limited in how they adjust their retirement plans because of custody issues and wanting to be near children. These are only a few of the possible changes a person may need to make because of a divorce. 

It is not easy to navigate these complex and sensitive issues, especially during the process of ending a marriage. Family law choices can have impacts that will reverberate to virtually every area of a person's life, which is why many find it beneficial to work with an experienced and knowledgeable attorney at every step. With guidance and support, a person can make adjustments for retirement while still able to look to the future with confidence. 

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