If you’re a responsible resident of Colorado, you should be smart enough to save for retirement throughout your working life. But do you ever consider what happens to your savings and Social Security benefits if you get a divorce?
You should. In fact, everyone should. Especially now that an increasing number of people above 50 are filing for divorce, retirement should be at the front end of divorce worries, a Denver divorce lawyer from MatthewsFamilyLawyers.com advises.
Some people depend too much on their partners financially. If you’re earning less than your spouse, you could rely on their savings and Social Security benefits to help carry you through your retirement years. But what if the marriage doesn’t work out and you have to divorce? Will your own savings be enough to support you?
Here are some of the things to take into perspective:
Colorado distributes property in an “equitable” manner
Unlike other states, Colorado is an “equitable distribution” state, not a community property state. In other words, marital property is not divided in half. Typically, the bigger earner of the couple gets a better advantage than the less-earner.
Legal and financial guidance is a must
If you’re almost at your retirement age and considering divorce (or think your partner is), it will benefit you to get legal and financial guidance. This will help you determine how much money you’ll have to live on based on your own savings through your retirement plans. Remember to look into your Social Security benefits, which you can access on the Social Security Administration website.
Planning for your financial future is critical at any age, and is all the more so if divorce is on the way.
The closer you are to your retirement age, the more you should worry about your post-divorce retirement funds. With the right legal and financial support to guide you, you can have the financial resources you need to spend your golden years in comfort.