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Rescuing retirement savings from the grasp of divorce

When people get divorced in Montana, their decision to separate from their spouse can affect their life in many different ways, some more significantly than others. One area that seems to feel extra strain is retirement savings. For many people, panic sets in when they recognize that the retirement plans they have made for themselves are tied up in divorce proceedings. 

As soon as people begin the process of getting divorced, they would benefit from starting to look into a retirement plan of their own. Drawing upon the expertise and guidance of professionals such as a financial advisor, people may be able to begin curating their own retirement savings plan that will still allow them to have considerable resources as they age. Another consideration they may look into is negotiating a settlement with their former spouse for a portion of the shared retirement savings plan. People who make an effort to be flexible may be able to work with their ex and the courts to secure at least a portion of the retirement savings which they may be able to effectively roll over into their own account. 

Another option that people should look into is whether or not they will be able to draw upon the work history of their ex in order to extract some of their social security benefits when they hit retirement age. In some cases, this effort is successful and people may be able to claim a portion of their ex's social security benefits which could provide a bit of financial relief when retirement savings are minimal. 

When people are getting divorced and are concerned about their financial future, they may benefit from working with an attorney. With a legal professional providing them with support and advice throughout their divorce, people may be able to be more effective at keeping their divorce from destroying their finances. 

Source: tucson.com, "How to Stop Divorce From Devastating Your Retirement Savings," Kailey Fralick, Jun. 23, 2019

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Cunningham Law Office is a family law-focused firm in Missoula, Montana. We serve Missoula, Ravalli County, and the surrounding area.