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How divorce can affect your retirement plans

No two divorces are the same, which is why you need an attorney who can personalize his or her representation to your particular situation and goals. For example, if you and your spouse do not have children, or if the kids are grown, you will not have to worry about child custody and child support.

At the same time, if you are in your 40s, 50s or 60s, making sure you will have a comfortable retirement is probably a top priority. This can become complicated if you are getting divorced in middle age. What will happen to your retirement accounts, family house and other important assets you were counting on for your retirement years?

A recent survey by the National Center for Family & Marriage Research found that retirement accounts and pensions were two of the most controversial things in divorce among Baby Boomers. Only alimony was a bigger source of contention, according to CNBC.

Fortunately, it is possible to dissolve an unhappy marriage and still have enough saved for retirement. For example, most of the time, the court will divide retirement accounts in half, leaving each spouse with about the same share they would have had if they had stayed married. However, there are often serious tax consequences for cashing out a retirement account early.

Successfully getting through divorce while also planning for retirement can be complicated. One important thing you can do is hire a family law attorney who understands how divorce and retirement planning intersect, and will work to allow you a happy retirement.

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