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Planning ahead may help older California residents with divorce

Though retirement may be a time that many California residents look forward to, there are certain life changes that could impact those plans. For instance, divorce is a major alteration that could especially affect older parties. Because financial blows may be more difficult to bounce back from at an older age, individuals may wish to identify their goals and determine how to use the divorce process to their advantage.

First, individuals may wish to understand how finances may be impacted and what steps may help them protect their desired assets. Speaking with a financial planner could help individuals assess their assets and ensure that the value of items and funds are made known. Becoming aware of how taxes could affect the situation may also be wise.

Making withdrawals from retirement accounts in order to divide them during divorce may be of particular interest to older parties. Some withdrawals could potentially be taxed while others are not, and as a result, an individual could be left with less than expected. Therefore, individuals may wish to remain level headed and make sure their decisions are well thought out. 

Because divorce at any age can be overwhelming, going through the process with assistance may be prudent. California residents should consider consulting with experienced attorneys in order to discuss the specific natures and details of their cases. These legal professionals could also help interested parties better understand how certain actions could impact their divorce settlements and what steps they could take to lessen the potential for negative financial effects.

Source: The Washington Post, "Divorcing late in life? Don't let it destroy your retirement.", Martha M. Hamilton, Dec. 2, 2016

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