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Family law choices and their long-term impact on retirement

The choices that a person makes during the divorce process will affect him or her for years to come. This is why it is crucial to think long-term during this process, especially if a person is nearing the age when he or she can retire. Family law decisions made during divorce may affect future interests, especially those related to retirement or future financial security.

Divorce will require both Virginia spouses to walk through significant financial adjustments. This may include working more years until retirement, as property division will likely result in splitting these long-term savings between the spouses. This can be a significant amount of money if a couple was married for a long time. Younger people have more time to rebuild savings and recover financially after a divorce before they move into retirement.

One important factor that will affect how divorce impacts retirement is minor children. The end of a marriage may affect where a person plans to retire, and in some cases, minor children may have a rightful claim to a parent's Social Security benefits. Adjustments are inevitable, but with careful planning, a divorce does not have to derail a person's retirement.

When a Virginia reader is facing both divorce and retirement in the near future, it can be feel like a daunting and overwhelming situation. Fortunately, a person does not have to walk through this process alone. Working with an experienced family law attorney can help a person preserve his or her own interests and look forward to a strong retirement with confidence. 

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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