Protecting Future Retirement Plans When Getting A Divorce In Fort Lauderdale

After years of tackling financial matters as a team, moving forward on your own after a divorce in Fort Lauderdale can be difficult. This is particularly true if you relied on your spouse’s income during the marriage and your retirement plans were closely tied to theirs. Our Fort Lauderdale divorce lawyer shares tips on how to ensure you have what you need, now and in years to come.

Consider How Divorce Impacts Your Plans For Retirement

Some couples part on amicable terms and are able to resolve issues quickly. Others have a more contentious relationship, and hotly contested disputes can delay getting a final divorce order. In either situation, you want to be sure you are provided for properly, both in the immediate aftermath of a divorce and in the years that follow.

One area to carefully consider concerns retirement benefits. Even if you are nowhere near retirement age, it is an important factor when getting a divorce in Fort Lauderdale. According to an August 2023 USA Today news report, most Americans aim for close to $2 million in benefits, savings, and investments to retire comfortably. As you can no longer rely on your spouse’s income after a divorce, carefully consider the following:

• Your current lifestyle and whether you could reasonably maintain it;
• Your current job, any benefits it provides, and how long you will be able to work;
• Your current assets and debts;
• Any savings or investments owned individually or with your spouse.

Protecting Your Future Financial Security After Your Divorce

Making the adjustment to living on your own after a divorce is challenging. To protect your current and future financial security, it is important to get the maximum amount you are entitled to in a divorce settlement.

Under the Florida Statutes, marital property and assets in a Fort Lauderdale divorce are divided between the spouses on an equitable basis. This means that rather than simply getting half of everything, you are entitled to a fair share based on each party’s income and other circumstances involved. If your spouse cheated or engaged in any marital misconduct, this may entitle to you additional amounts. To protect yourself, carefully consider the following areas:

• The total value of all belongings and any items you wish to sell;
• The total value of bank accounts, investments, and shares of businesses;
• The amount it will take to clear all marital debts;
• Retirement accounts, pensions, and your spouse’s Social Security retirement benefits, which you may be entitled to a share of;
• Your rights regarding alimony payments, which can help in saving for the future.

Contact Our Fort Lauderdale Divorce Lawyer To Request A Consultation

Decisions made during a divorce can impact you long into the future. To ensure you are provided for properly now and in years to come, get our Fort Lauderdale divorce lawyer on your side. Contact the law office of Vanessa L. Prieto and request a consultation today.

Sources:

usatoday.com/story/money/personalfinance/2023/08/02/how-much-money-americans-need-for-retirement/70507274007/

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

ssa.gov/retirement