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Will my retirement savings still be mine after a Texas divorce?

Divorce changes everything, including your plans for the future. Despite years of hard work, the end of a marriage will almost certainly signal significant changes in your financial situation, including your retirement savings. While retirement is an important consideration in a divorce, it does not necessarily mean that you will have to give up on your closely held hopes and dreams for the future. 

Property division is one of the most emotionally charged issues in a Texas divorce, and it can be difficult to think clearly about the future during such as difficult time. With the help of an attorney, you can better understand how to pursue a strong post-divorce future and hang on to your dreams for retirement.

Who gets what?

Retirement accounts to which both parties contributed over the course of the marriage are likely to be divided between the two spouses in a divorce. All marital assets are subject to fair and just distribution, which includes your retirement accounts. However, there are some things you may want to consider as you work through a negotiated agreement or prepare for court:

  • You have the right to address the division of retirement accounts through negotiations, reaching a reasonable conclusion out of court.
  • If an out-of-court agreement is not possible, the court has the right to reward a portion or all of retirement savings to one spouse.
  • Accurately determining the value of retirement assets and long-term savings account is a crucial step in ensuring a fair distribution of marital assets.
  • Most retirement accounts require a qualified domestic relations order for an alternate payee to receive a portion of the assets held in the account.

Whether it is in discussions regarding a fair agreement, preparation for a difficult court battle ahead or drafting a QDRO, complex financial matters are at hand and your future is at stake. Fortunately, you do not have to face these critical concerns on your own.

Protecting your dreams for the future

Divorce will certainly have an impact on your future plans and your finances, but it does not have to mean the end of your retirement dreams. While they may require a bit of adjusting, your plans can survive divorce, and you can continue to look forward to your golden years.

Divorce is difficult, and it is normal to have concerns about your financial security after your marriage is over. However, with the support and guidance of a knowledgeable family law attorney, you can look forward to a positive future and pursue a strong retirement either in court or at the negotiation table.

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