The spring remains a popular time for getting divorced, as the holidays are no longer a factor. However, no matter when people decide to get divorced in Texas, they may be concerned about how the divorce process will affect their finances long term, especially when it comes to retirement. Here are a couple of tips for effectively planning for retirement during the divorce process.
Understanding property division
One of the most important steps in prepping for retirement during divorce is to understand how the state of Texas divides property in divorce proceedings. Texas is one of just nine community property states. In these states, anything that two people acquire during their marriage is treated as belonging to both equally. This affects the retirement account funds as well as other assets and financial obligations.
Creating a new plan for retirement
An important step in planning for retirement after divorce is to develop a fresh retirement plan. This plan should address how much money will be saved each month for retirement. It may also spell out where these funds will be stored.
How an attorney can help
During the divorce process in Texas, a family law attorney can assist a divorcing individual in determining how much money he or she will have left over for retirement after the divorce is final. The attorney can also help the client to pursue spousal support, if applicable, and confidently tackle other matters, possibly including child custody and child support. The attorney’s goal will be to protect the client’s rights and best interests throughout the proceedings.