Getting divorced is not something that many people plan to do when they first get married. However, nothing in life — including a fulfilling marriage — is guaranteed. Unfortunately, divorce can take a toll on people’s retirement plans. Here are some tips for starting fresh with retirement planning following divorce in Texas.
First, it may be helpful for those getting divorced to take another look at their assets. This will help them with determining how to either optimize or rebuild what they have. If their retirement accounts end up being cut by half as part of their divorce proceedings, they may want to look at their accounts’ investment allocations and make them more aggressive as appropriate.
In addition, once divorcing individuals have a clear idea of their financial situations, they may want to create new retirement savings goals for themselves. They should ideally look at their ages and determine how much time they have to save money before their desired retirement ages. Then, they can determine how much they will need to save each month to achieve their target retirement savings amounts.
Because divorce can have such a drastic impact on people’s finances long term, it is paramount that those going through divorce take property division and alimony seriously. An attorney in Texas can provide a divorcing spouse with the guidance needed to achieve a fair outcome with his or her future ex. At the same time, the attorney’s goal is to make sure that the outcome is as personally favorable for the client as possible in the years ahead.