Protecting Your Retirement Plans After A Virginia Divorce
Going through a divorce in Loudoun County can be overwhelming. With all you are dealing with, it is easy to lose sight of the future and how divorce-related decisions could impact you for years to come. Our Loudoun County divorce attorney explains how this is particularly true when it comes to retirement benefits and steps you can take to protect yourself in the years to come.
Planning For Retirement While Getting A Divorce In Virginia
Retirement planning is vitally important to protecting your future, but many people put it off. The American Association of Retirement People (AARP) states that nearly half of all adults do not have retirement plans in place. Planning for your future may be the last thing on your mind when dealing with the immediate drama surrounding a divorce. However, it is an important matter that needs to be addressed.
During your marriage, any retirement planning you may have done would likely have been closely tied to your spouse. If this is the case, it is important to be particularly careful in negotiating a divorce property settlement. Under the Virginia Code, you have a right to a fair share of all property and assets earned, acquired, or otherwise accumulated during your marriage. This includes items such as homes, cars, household belongings, and money in bank accounts. It also includes retirement benefits, such as:
- Pension benefits;
- Profit-sharing plans;
- IRAs and 401(k)s;
- Tax-sheltered annuities.
Getting Your Fair Share Of Retirement Benefits In A Virginia Divorce
According to a January 2024 CNBC News report, the average cost of retirement in Virginia is close to $60,000 per year. If you are currently going through a divorce in Loudoun County, give thought to how you will provide for yourself after your divorce becomes final and in the years to come. This includes retirement planning.
If you have been married for 10 years or more and your spouse has reached a certain age, you may be entitled to a portion of their Social Security retirement benefits. You can apply for these through the SSA website.
You will need a special court order to access other benefits you may be entitled to, such as a portion of their IRA or pension accounts. Steps you can take to help ensure retirement benefits are included as part of your divorce settlement take these steps:
- Consider how far you are from retirement age and the amount you will need to support yourself;
- Check mail, bank statements, past tax returns, and online accounts for any evidence of retirement benefits;
- Consider your options in putting any benefits you receive as part of your divorce into your own retirement account;
- Get experienced, professional legal help to ensure you get the maximum amount you are owed.
Contact Our Virginia Divorce Attorney
At Schwartz Kalina, PLLC., we protect your rights in divorce proceedings and help you get the maximum settlement. To request a consultation with our Virginia County family attorney, call or contact us online today.
Sources:
press.aarp.org/2022-7-13-New-AARP-Research-Nearly-Half-Americans-Do-Not-Have-Access-to-Retirement-Plans-at-Work#:~:text=Just%20over%20three%2Dquarters%20of,disparities%20by%20race%20and%20ethnicity.
ssa.gov/retirement
