Getting a Divorce When Retirement is Close? Think About Your Savings

Rio Rancho Divorce AttorneyAny responsible resident of New Mexico would be smart enough to save for retirement throughout their working life. But, have you ever stopped to think what happens to your savings and Social Security benefits if you get a divorce?

You should be thinking about it as early as now. Everyone should. Especially now that more and more people above 50 are filing for divorce, retirement should be at the front end of divorce worries.

In some marriages, one partner depends on the other financially. If you’re earning less than your spouse, you can rely on their savings and Social Security benefits to help carry you through your retirement years. But what if the marriage doesn’t work out and you have to part ways? Will your own savings be enough to support you?

Here are some of the things to take into perspective:

New Mexico is a Community Property State

Like most Southwestern states, New Mexico uses the community property legal system. That doesn’t mean everything is split exactly 50-50 in divorce – just anything that’s considered community property, or anything acquired by either or both spouses during a marriage. What draws the line between separate and community property, however, is quite complex, so this is where a Rio Rancho divorce attorney comes in handy.

Legal and Financial Guidance is a Must

If you’re almost at your retirement age and considering divorce (or think your partner is), it will greatly benefit you to get legal and financial guidance right now.

This will help you determine how much money you’ll have to live on based on your own savings through your retirement plans. Remember to look into your Social Security benefits, which you can access through the Social Security Administration website.

The closer you are to your retirement age, the more you should worry about your post-divorce retirement funds. The right legal and financial support get you one step closer to getting the financial resources you need and spending your golden years in comfort.