Don't Let Divorce Derail Your Retirement: How To Protect Your Finances

David Treece, MBA, AIF®, CLTC® |

You and your life partner have probably talked, dreamed, and planned about how you’ll be spending your retirement years. However, in some cases, when the relationship doesn’t go the way you planned, life can often find you on a path that you didn’t necessarily plan for.

According to the American Psychological Association, about 36% of couples are now divorcing after the age of 50. This can often leave individuals feeling lost, confused, and quite scared when planning for retirement.

You may run into the question, “Am I relying too much on my spouse to run our finances in case something goes wrong?” To ensure both members of the couple remain financially secure enough to ensure their desired standard of living, it takes open conversation, realistic expectations, and proactive financial assessment to be fully prepared for what’s to come in the future.

Here are some tips to be prepared for any situation when it comes to finances with your spouse, even if you don’t think your relationship will end in divorce:

  • Understand your accounts, assets, and properties.

  • Know where your documents are (titles, 401k, banks, assets, etc.).

  • Make copies of all financial account information and statements for individually titled and jointly titled assets.

  • Understand your rights regarding Social Security benefits and retirement account assets.

  • Include your financial professional, attorney, and accountant in discussions about your assets.

As an accredited fiduciary, I am bound to act in your best interest during divorce proceedings. My role as a financial advisor is to make sure you are protected in legal documents such as beneficiary designations or on a property title. It is important to position yourself to ensure you’re receiving the assets entitled after a settlement. 

While you cannot control what lies ahead in the game of life, Team Treece is here to help you plan for an income for life that will maintain your desired lifestyle.

Schedule a right-fit phone call with our office to discuss we can prepare you in case of divorce.