Retirement Income After Divorce
Dividing up assets and carefully planning for the future with the assets you receive are important tasks to deal with during the divorce process, especially when divorcing near retirement. Taxation is a major issue related to splitting up retirement assets in a divorce. It can become complicated when transferring assets from one IRA (Individual Retirement Account) to another. When assets are given to a spouse following a divorce decree, another IRA is to be made in their name, and the transfers made are only tax-free if stated in the divorce decree, any other transfers regarding temporary support or separation will be taxable.
Getting Divorced at 50
In the case that you and your spouse file for divorce after the age of 50, it can make a huge impact on your retirement plans and financial stability. Concerns may arise, such as:
- Having to work more years than you intended to
- Needing to find a part-time job during retirement
- Worrying about whether or not you will be able to retire
Keep track of your retirement records and each retirement plan you have, such as IRAs , CDs (Certificate of Deposit), and Qualified Domestic Relations Orders (QDROs).
Contact a Lewisville Divorce Attorney Today
In the case that you or someone you know is concerned about the divorce process and the legal obstacles behind it, please contact the experienced Lewisville attorneys at Alexander & Associates. We will be happy to help you in any way we can, so give us a call at (972) 420-6560.