Steps to Take to Aid Splitting your Assets Prior to Divorce

1 in 4 Older Couples Now Divorcing

Divorcing in your retirement years is growing in popularity, but it carries some significant financial risks. Investment income, Social Security benefits, and other financial instruments must be split equitably according to the law, without leaving one party without the money necessary to support themselves after retirement.

It is best for both parties to retain financial advisors along with legal counsel during negotiations. They can work with you and your partner to create a Qualified Domestic Relations Order, which will help split retirement accounts without causing tax issues.

An article on The Huffington Post recommends these early steps in your divorce to aid your negotiations:

• Make both a pre-divorce and a post-divorce budget to show your financial needs.

• Review all retirement investment vehicles to make sure they will meet your new    financial reality.

• Review Social Security benefits, especially spousal benefits. Spouses married 10 years or longer are entitled to benefits until they remarry.

• Talk with a financial advisor about resetting your expectations of your finances.

If you live in the Seattle area, Elise Buie Family Law is ready to help you with issues like these. Washington is a community property state, which has its own complications during divorce proceedings. All property gained during the marriage are considered to be owned by both partners. Splitting things equitably is difficult and requires a skilled attorney. Call today if you’re facing divorce and want someone to fight for your fair share.

STAY UP TO DATE

Subscribe to our newsletters

 
Subscribe to one or more of our newsletters, delivering meaningful insight on topics that matter to you and your family.
ebl home subscribe image

FURTHER READING

Latest Blog Posts

Hear from an experienced Seattle estate planning attorney how a simultaneous death clause could impact your Washington state estate plan.

Hear from a Seattle family law attorney how and why children often act out during a divorce and what you can do about it.

Learn from an experienced Seattle estate planning lawyer what happens if someone dies owing a debt. Does the debt go away when they die? The final article in a three-part series about probate in Washington state.

Divorce can do many things, including ruin summer camp for your kids if you let it. A Seattle family lawyer explains how not to allow this.

Learn from an experienced Seattle family law how you can navigate a high-asset divorce if you are the low- or non-earning spouse.

Learn from a Seattle estate planning lawyer what the biggest estate planning mistakes are and how to avoid them.

Hear from an experienced Seattle family law attorney whether a postnuptial agreement can save a troubled marriage.

Learn strategies from a Seattle family law attorney about how to have the estate planning talk with your parents.

Hear from a Seattle family law attorney about how to defend against false allegations in a Washington state divorce.

Learn from an experienced Seattle family law attorney who pays for summer camp in Washington state after a divorce.