If you’re like a lot of Floridians, then you’ve spent your entire life building your wealth to prepare yourself for retirement. As gratifying as that accumulation can be, it can also serve as a punch to the gut when that wealth is threatened by divorce. This is especially true given that these older individuals, unlike their younger counterparts, are unable to dedicate the time needed to rebuild their nest egg. That is why on a daily basis, older Floridians find themselves trying to figure out how a divorce will affect their retirement and how best to confront the matter to protect themselves as fully as possible.
There are a lot of ways that divorce can affect your retirement. The obvious way is that it might push back your anticipated retirement date. Unless you’re fortunate enough to have a prenuptial or postnuptial agreement to protect your financial well-being, your divorce’s property division process will likely result in you losing at least some of your assets to your former spouse. If that loss is significant, then you might want to hold off on retirement until you can generate enough income to make yourself comfortable with full retirement.
Another major impact divorce can have on your retirement is where you’ll live. This is especially true if you have minor children. If you plan on retiring out of state but your ex-spouse intends to stay put, then you might be forced to put off your move if you hope to remain significant contact with your child. Of course, you might be able to find creative solutions to this problem by implementing technological means to help assist with long-distance visitation.
As scary as these matters may be for those who are about to retire, the good news is that steps can be taken to protect yourself. You can choose to enter into a prenuptial or postnuptial agreement, or you might be able to tailor your property division agreement in a way that protects your ability to retire when you had planned. Every case is different, though, which is why those coming face-to-face with this issue should think about talking it through with their divorce attorney.