Reassessing Your Plans For Retirement When Getting A Fort Lauderdale Divorce

Going through a divorce in Fort Lauderdale is never easy, regardless of your age. However, the financial impacts can be more severe if you are older and approaching retirement. Your plans for this time of your life may have been closely tied to those of your spouse. Our Fort Lauderdale divorce lawyer explains how getting the total amount you are entitled to in a divorce settlement can help in reassessing those plans.

Facing The Future Post-Divorce

You may have worked hard all your life raising a family and making sacrifices to support your spouse in their career, hoping that you would one day be able to retire together. Unfortunately, getting a divorce in Fort Lauderdale can put an end to those plans.

Whether you are simply thinking about ending your marriage or have already filed a divorce petition through the Broward County Family Court, consider the financial impacts afterward. This includes facing facts about your financial situation and how it could impact retirement planning. When facing your future post-divorce, consider the following:

Determine what your post-divorce budget will be, including housing, food, clothes, and other expenses;
Use NerdWallets Retirement Calculator to determine how much you need to save for the future;
Calculate how much you will need to earn both to save money and meet monthly expenses;
Consider whether additional training or picking up new skills could help increase your income and meet retirement goals.

Factoring In Retirement When Getting A Divorce In Fort Lauderdale

When getting a divorce in Fort Lauderdale, it is important to be aware of the impact these proceedings can have on your financial security, both now and in years to come. To protect yourself, it is important to factor in retirement planning when negotiating the following:

Equitable division of marital assets: Under the Florida Statutes, you are legally entitled to an equitable portion of all property and assets accumulated over your marriage. This includes homes, cars, household belongings, artwork and antiques, other collectibles, assets in bank accounts, and shares in business.
Include retirement benefits: You may also be entitled to a fair share of any retirement or pension benefits your spouse may have earned. This typically involves obtaining a Qualified Domestic Relations Order, which plan administrators require before distributing funds.
Check Social Security benefits: In addition to any benefits available through your own work history, you may also be entitled to a portion of any retirement benefits your spouse receives through the Social Security Administration.
Consider alimony payments: If you make significantly less than your spouse, alimony payments can also help in providing income.

Contact Our Fort Lauderdale Divorce Lawyer

Getting a divorce in Fort Lauderdale can put your retirement plans at risk. To protect yourself, get the trusted legal guidance you need from Fort Lauderdale divorce lawyer Vanessa L. Prieto. To discuss marital property division, alimony, and other benefits, call or contact our office online and request a confidential consultation today.

Sources:

browardclerk.org/Divisions/Family

nerdwallet.com/calculator/retirement-calculator

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

ssa.gov/oact/quickcalc/spouse.html