When you finally decide to hang up your work boots for good, it's safe to assume you're looking forward to a future full of happiness and relaxation. Unfortunately, you could find yourself facing the divorce process at this time.
Divorcing after retirement is never easy, but here are four tips you can follow to stay on track:
- Protect yourself before you divorce: For example, if you're getting married later in life, sign a prenuptial agreement to protect yourself. If you're already married, a postnuptial agreement is the right choice.
- Create a property division checklist: Write down all your assets, including whether they are separate or joint.
- Get into a flexible frame of mind: You won't get everything you want from your divorce, as compromise and negotiation is a must. Staying in a flexible frame of mind will help you get through the process with the least amount of stress possible.
- Think about the future: It's easy to focus on the here and now, but divorce after retirement should push your thoughts into the future. For instance, think about how the division of retirement assets, such as a 401k plan, will impact your financial future.
Divorcing after retirement is challenging on many fronts. Even though your life is changing in many ways, don't become so lost in the details that you make a mistake that costs you time and money.
As you begin the divorce process, get organized and focus on the steps you can take to protect your legal rights. The right approach will keep you on track and give you peace of mind.