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Dealing with retirement plans during a ‘gray divorce’

On Behalf of | Aug 7, 2018 | Property Division |

When Pennsylvania spouses who are over the age of 50 decide to separate, they could face some unique challenges. This is due to the fact that these older couples are most likely getting ready for retirement.

Seniors who are going through the divorce process will be focused on determining how to divide up certain financial assets, including 401(k) plans and pensions. On the other hand, they most likely won’t have to worry about child support or custody issues. Instead, older couples will probably need to focus on how the divorce could impact their future finances.

Those who are preparing for a gray divorce or are already in the process of getting a divorce should understand that their finances are going to change no matter how amicable the process is. This is because the set income will be split into supporting two households instead of just one. It should also be noted that retirement plans, such as a 401(k)s, are also assets that will have to be divided.

Any asset that is obtained during a marriage may be split up during a divorce. This includes any real estate, retirement plans or vehicles that were purchased during the marriage. For those getting ready to retire, retirement accounts may be incredibly important. A family law attorney could determine if a spouse is entitled to all or part of certain retirement accounts and plans. If certain accounts or plans cannot be split up, the attorney may work to divide or seek other assets that a former spouse may be entitled to.