Well start with the bad news: Divorce rates for people in their 50s have doubled since the 1990s.
So youre nearing retirementandyoure getting divorcedandthis divorce may wipe out your retirement savings?
Wait, theres good news: It doesnt have to be that way.
When youre getting divorced, there are ways to protect your future.
Heres what you’re gonna wanna know about divorce and retirement.
The big exception is if you had a prenuptial agreement that discussed this.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Those are the rules but there are ways to make divorce and retirement coexist harmoniously.
They may also lose the potential for tax-free/deferred growth, depending on the nature of the plan.
Did you know?
So dont just split your retirement plan 50/50, says Russell Knight, a divorce attorney based in Chicago.
This allows the account to pay out the money to the other spouse without tax issues.
That can easily be 30 percent or $45,000, she said.
Where will Drew get $45,000?
Probably by draining the retirement, which will trigger more taxes.
It is important to know the timeline to retirement and other plans along the way, Logan said.
Danielle Braff is a contributor to The Penny Hoarder.
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