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Family law choices and their potential impact on retirement

When a decision is made to go through with a divorce, it will have a significant impact on his or her life. Both parties will have to make financial adjustments, and it is particularly important to consider how family law choices made during this time will impact retirement. This is especially critical for Virginia couples who are close to retirement age or over the age of 50.

It is possible to have a strong financial future after divorce. One way to accomplish this is to first take inventory of all assets, investments, accounts and property that the two spouses will have to divide. This provides an idea of what is at stake and what assets are marital property. Another important step is to ensure that a proper Qualified Domestic Relations Order is drafted. This is a document that is necessary for the distribution of assets in certain types of retirement accounts.

A Virginia spouse will also want to remember that he or she could be eligible for Social Security benefits because of the work record of a former spouse. This depends on the individual's current marital status and the length of the marriage. By preparing well and making sure not to leave any money on the table, a person can feel confident about retirement prospects after divorce.

While retirement may take a hit during divorce, it does not mean that a person will not be able to enjoy his or her golden years. The family law decisions made during this process are important, and it can be helpful to work with an experienced attorney along the way. Starting with an assessment of individual circumstances, those confronting these issues can learn more about the legal options available to them. 

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Madigan and Scott, Inc.
7880 Backlick Road
Suite 2
Springfield, VA 22150

Phone: 703-455-1800
Fax: 703-451-4121
Springfield Family Law Office