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Protecting Your Retirement During an Illinois Divorce

Posted by on in Divorce
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Illinois divorce planning attorneysThe financial implications of divorce are well-known and, for some, highly feared. In fact, studies indicate that it takes an average of five years to financially recover. Still, it is not just a couple’s immediate funds that are affected; retirement accounts, which are often considered a part of the marital estate in divorce, may also be affected. Learn how you can mitigate against the damage with help from the following information.

Beware of Short-Term Thinking

If you are divorcing during your working years and still have time until retirement, it may be tempting to discount the impact that divorce may have on your retirement. Unfortunately, this mindset could cause you to be caught off-guard during the negotiation process. You may even be tempted to take a settlement that is not in your best interest, perhaps for an asset that does not hold the same long-term value or benefits. An attorney can examine your situation, advise you of your options, and help you understand the possible consequences of your decisions.

When Retirement is Around the Corner

Later-life divorce is becoming increasingly common, and it is putting many couples at risk for financial devastation during their retirement years. After all, most couples plan for only one retirement – not two. If this is the situation you are facing, it is crucial that you speak with an attorney about your concerns and financial future. They can help you mitigate the financial risks of divorce, and they can explain your options.

Implementing a Few Strategies

As previously mentioned, an attorney is highly advised for couples planning to divorce. However, there are some other strategies that you can use between now and when you are ready to move forward. Start by paying off as much debt as you can, and take an honest look at your incoming and outgoing cash flow. If possible, reduce the outgoing amount to accommodate any financial losses you may experience, and if necessary, seek additional streams of income to help you recover.

Contact Our DuPage County Divorce Lawyers

You cannot be too cautious in divorce – especially when it comes to protecting your retirement – and The Stogsdill Law Firm, P.C. can help. Dedicated and experienced, our DuPage County divorce planning lawyers can examine your situation now, before you move forward with the divorce, and help you plan effectively for the process. At every turn, we protect your rights and best interests. Learn more by scheduling a personalized consultation. Call 630-462-9500 today.

Sources:

https://www.forbes.com/sites/lawrencelight/2017/07/24/does-divorce-derail-retirement/#656283de3a59

http://www.news.com.au/finance/money/costs/divorcees-take-five-years-to-recover-financially/news-story/4d23e36418754eab2a788a6a81b799e7

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  • I would highly recommend Tony Sammarco to anyone needing a divorce lawyer. He explained all my options to me and he made sure I understood the process. I am glad I had him there to help me through this difficult time.

  • Thank you doesn’t seem enough for all that Bill Stogsdill and Brett Williamson have done not only for me, but my children as well. When I first met both of these gentlemen, each presented themselves with such self-confidence. I instantly knew...

  • The Stogsdill Law Firm and I were able to obtain sole custody of my son. I am fortunate for the outcome and I am to be a father to my son. Secondly, my ex-spouse was awarded limited portion of the marital estate. Bryan Estes is more than an excellent lawyer...

  • Whenever my opinion is asked by any of my clients, friends or family regarding what law firm someone should use for their divorce my answer is always the same –The Stogsdill Law Firm, P.C. The kids and I are forever indebted to Bill and his firm.

  • Bryan's ability to listen and understand my situation and then offer his advice on how we should proceed was the main reasons I hired Bryan as my attorney. That was the best decision I made, for myself and my children. Bryan helped develop action plans as well as a strategy ...

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  • Taking that step to file for divorce was probably one of the most life changing decisions I have ever made. The process is very painful and emotionally draining. I retained Robert Boyd and Justin Smit of The Stogsdill Law Firm, P.C...

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