Margaret Gettle Washburn, P.C.
(770) 676-1191
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The effect of a divorce on retirement

It is very common for Georgia residents who divorce to face a completely new financial situation. They will often be required to pay for 100 percent of their living expenses and on a single income, whereas during the marriage, these expenses were probably split and covered by two incomes. However, when people who are older divorce, the financial impact can be even greater.

This is because people who are approaching retirement have less time to save for it. If a retirement account is split up during asset division, people may only have a few years to attempt to get their retirement plan back on track. There are a few ways that individuals may still be able to reach their goals.

One of the most difficult but potentially most helpful ways to keep retirement plans attainable is to cut down on living expenses. This can be emotional since someone is likely to have to sell a family home, but the cost of keeping a home can be enormous. Selling a home can help people refill their retirement account and reduce their cost of living.

Property division isn't the only part of a divorce that can have a significant impact on people's finances and their ability to prepare for their retirement. Many people who have been married for a long time may be expected to pay alimony. This can reduce their ability to replenish their retirement account, and they may need to request a modification once they retire since they may no longer be able to afford spousal support payments. A family law attorney can often be of assistance in this regard.

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Margaret Gettle Washburn, P.C.
4799 Sugarloaf Pkwy
Building J
Lawrenceville, GA 30044

Phone: 770-676-1191
Fax: 770-963-2828
Lawrenceville Law Office Map

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