Getting divorced is not only an emotional experience, but a financially difficult one as well, particularly if you do not have proper representation on your side to help you wade through the complexities of protecting your retirement assets. You might not be thinking about retirement now, but the last thing you want is for your past to haunt you when the time comes. As such, it is crucial to divvy up your assets with precision and consideration for the future.
Here is what you need to know to protect your retirement:
1.Hire professional help: Having an experienced divorce attorney assist you throughout the divorce process can eliminate a lot of the risky guesswork you are likely to do on your own. It would also be wise to seek the help of a financial adviser who has experience in dealing with divorcees.
2.Close all joint accounts: This is a step you should take early on in the divorce process. Savings accounts, checking accounts, and all credit cards or other debt accounts you share with your spouse should be closed. It can be a particularly critical step if your divorce is not amicable and you need to protect your finances.
3.Consider which assets you should keep: Obtaining the biggest asset is not always the best move. For example, if you have a house, you need to know if you can keep up with the mortgage payments and maintenance. Keeping the family home might not be the most financially sound decision.
4.Think of the tax implications on retirement accounts: Remember that any money you take out of a 401(k) or IRA account will be taxed by the government. Splitting retirement assets is trickier than you might think and requires a qualified domestic relations order (QDRO), so you can avoid facing penalties during the process.
5.Get insured: It is crucial to have disability or health insurance to maintain your lifestyle when you no longer receive spousal support and have medical issues. Having insurance will keep you from dipping into your retirement savings, which can ultimately help safeguard your future.
Skilled Divorce Attorneys in Clearwater and Palm Harbor
If you and your spouse have decided to end your marriage, now is the time to contact K. Dean Kantaras, P.A. for the advice you need during this difficult time. Backed by several decades of combined experience, you can trust that our legal team will be able to effectively represent you and protect your best interests.
Contact our office today at (727) 939-6113 to schedule your initial consultation with a knowledgeable member of our team.