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Safeguarding retirement plans during a divorce

On Behalf of | Jun 17, 2021 | Divorce |

There may be a multitude of individuals in Mississippi and elsewhere who have spent decades planning and saving for the golden years of life. Those who have developed a strategy for retirement might not want to let anything disrupt this process, but things might not always go as planned. For instance, those who are going through a divorce might wish to seek insight on how best to prepare to keep their retirement plans on track.

There could be a variety of aspects to cover when preparing to dissolve a marriage, and some of these topics may also be unique to those who are approaching retirement age. Some things to consider prior to entering the process could include:

  • Divorce laws: Seeking insight on Mississippi divorce laws and the influence they might have on one’s situation could prove essential to preparing a strategy for what comes next.
  • Retirement assets: It could also be in one’s best interests to seek insight on the role retirement assets could play and if necessary, how to properly divide such assets after finalizing the process.
  • Pension plans: In some cases, pension plans may also be deemed as marital property and as such, may be subject to the process of property division.
  • Asset values: While certain assets may appear to be equal in value on paper, understanding the true value of each asset and considering topics such as tax rates and liquidity could also be integral to preparing to protect one’s future.

While understanding the topics to address when facing a divorce at this stage of life could help one better prepare for the subsequent process, it can also be a complex endeavor.

Individuals in Mississippi who are facing a divorce and wish to take every possible measure to protect their plans for retirement could benefit from seeking legal counsel in the early stages of the process. An attorney can help a client better understand what to expect from the process and provide him or her with insight in making informed choices while developing a strategy for the subsequent process. Such advice could play an integral role in helping place a person in a better position to seek the most favorable outcome possible concerning his or her future.