Law Offices of James V. Sansone
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Addressing concerns of divorce and retirement in California

For many individuals in California and elsewhere, having a strategy in place for the future is of the utmost importance. However, certain life events can be difficult to plan for, such as the end of a marriage. For individuals who are closing in on retirement age, the concept of going through a divorce late in life can be an intimidating topic, and they may have concerns about how a similar process will affect their futures.

Upon entering retirement, many individuals live the remainder of life on a fixed income. This can make the idea of transitioning from a two-person income to life on one's own somewhat unnerving. Those who own a home may also face difficult decisions concerning how to handle this asset, as a person may find it difficult to keep up with mortgage payments and the costs of maintaining the home following divorce.

The division of property will also have an impact on a person's finances. Although assets are divided equally in community property states such as California, dividing complex assets such as retirement and investment accounts can still be a complex process. Prior to entering negotiations, a person may find it advisable to gain an understanding of the possible tax ramifications of pursuing certain assets, as this could influence one's decisions significantly.

Although a divorce could impact one's plans for retirement, it doesn't necessarily have to derail them. Those who are facing a similar life event could benefit from speaking with a family law attorney early on for guidance. An attorney can address all the concerns and needs of a client in California and assist him or her in making informed decisions concerning the future during divorce proceedings.

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