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Retirement may be derailed by divorce

Getting divorced in Texas can be challenging from both an emotional and a financial standpoint. Unfortunately, for those nearing retirement, divorce can be even more detrimental financially, as not much time is left to recoup any losses suffered in this type of family law proceeding. A few tips, however, may help those getting divorced near retirement to have as healthy of a financial future as possible.

First, becoming educated on the division of retirement assets in Texas is critical before taking time to negotiate one's share of these assets. Those going through divorce may naturally be tempted to simply rush through the proceeding, no matter what the cost may be, because of the emotional challenge that comes with any marital split-up. However, by rushing and overlooking important details, they may end up giving up what is legally theirs.

Valuing retirement assets is an important part of the negotiation process during divorce. Another important step when dealing with assets during divorce is addressing what will happen to the family home. Keeping the house instead of retirement assets, which many mothers in particular do, might not always be the wisest financial decision. Certified Financial Planners can help with evaluating their options.

Just like the majority of life transitions, a marital split-up in Texas will have a major impact on one's finances long term. For this reason, working with an attorney is critical to ensure that one is making unemotional and informed financial decisions before the divorce is finalized. Securing a strong financial future by making expedient divorce-related decisions will provide one with the peace of mind needed during the unsettling life event of divorce.

Source: forbes.com, "Does Divorce Derail Retirement?", Larry Light, July 24, 2017

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