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Retirement planning needs may be affected by divorce

The worst time for a Texas resident to discover that their retirement planning has been inadequate is at the time of retirement. One event that can have a major impact on retirement planning no matter when it occurs is a divorce.

In order to avoid a bad surprise at retirement, an individual who is seeking a divorce may want to engage a financial planner to help him or her determine how much money needs to be contributed toward retirement after the divorce. Although the assets may have been split evenly in the divorce, each former spouse is not likely to have only half the amount of living expenses as when they were married. Retirement contributions may have to become more aggressive in order to have adequate retirement when the time comes.

After a divorce, an individual or his or her financial planner should review all retirement assets. Benefits from 401(k) plans or employee retirement plans should be estimated in order to determine what additional funds should be set aside in order to live the desired lifestyle in retirement.

Assets such as bank accounts and property can be relatively easy to assign a value to for purposes of property settlement. However, the true value of a retirement plan is not reflected simply by the account balance. Before agreeing to any property settlement that includes retirement accounts, an individual may talk to a lawyer who practices in this area. The lawyer may be able to explain how retirement accounts should be valued for a fair settlement and may represent the individual in negotiation of the property settlement with the attorney representing his or her spouse.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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