There’s no doubt that going through a divorce can be a very emotional experience. In fact, you may be focused on simply getting through the process and moving on to the next stage of your life. But it is important to remember that you will have a lot of life left after signing the final decree. And you don’t want to take your future interests for granted just to get past your current circumstances.
One of the most critical and complicated aspects of property division is factoring in your retirement needs. This involves accounting for all the assets eligible for division and deciding how to handle those assets.
For example, if you and your spouse are homeowners, you have to decide if either of you will take the house or sell it off. While you may be tempted to take the house, this may not serve your long-term needs. Mortgages and other home-related costs are expensive, and you will likely have less household income after the divorce.
You will also need to figure out how to handle retirement funds. You may have a claim to a portion of your spouse’s IRA, 401(k) or pension fund. For each of these kinds of funds, there are specific documents and fees you must submit to get your share.
What is mentioned here is only the tip of the iceberg when it comes to incorporating your retirement plans into your divorce settlement. A Texas divorce attorney could go over your shared marital assets and work on your behalf to get a settlement that will help set you up for a secure retirement.