Divorce and Retirement
Westfield Mediation, LLC
©Copyright 2014
Divorce mediators always have to consider a couple's retirement assets like pensions, IRAs, 401ks, when helping couples draft a divorce agreement. When older couples get divorced, the importance of retirement assets increases. Divorce mediation offers couples an opportunity to ensure that both husband and wife are getting their fair share.
The rate of divorce among couples over the age of 50 – so-called gray divorce – has increased dramatically in the past 30 years, and experts expect the trend to continue. As people age, there is less time to build a new financial portfolio. Yet both parties may have been counting on a certain retirement lifestyle which will be harder to create when the accounts are divided. Moreover, the cost of living as a single person is often higher than living as a couple.
In divorce mediation, we go through all of the couple's assets and debts to create a plan that works for both spouses. Most assets acquired during the marriage are considered the property of both husband and wife, regardless of whose name is on the account or title. Divorcing couples need to make financial decisions about their current financial status – what to do about spousal support or selling the house – as well as future assets like retirement income. By making sure that each spouse understands the whole financial picture, we help them avoid making financial mistakes now that will hurt them down the road.
ABOUT THE AUTHOR
For more information about Divorce Mediation contact Randi M. Albert, JD, or Michelle Weinberg, LMFT, at Westfield Mediation, LLC, at(908) 913-0373 or or View our website
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