“By failing to prepare, you are preparing to fail.” ~~ Benjamin Franklin
Can You Lose Your 401k in a Divorce?
Divorce among Baby Boomers is growing and is having an impact on retirement savings, according to new research.
The divorce rate for those ages 50 and older doubled between 1990 and 2010, according to a Bowling Green State University study. According to the results of a recent survey from the American Academy of Matrimonial Lawyer (AAML), the top three items most commonly fought over during divorce proceedings for this age group are alimony (83%), retirement accounts and pensions (62%) and business interests (60%).
“As people live longer, their relationships can change in some very dramatic ways, but spouses within this age range also need to be extremely mindful about the complexities of negotiating key issues involving spousal support and retirement accounts,” said Joslin Davis, president of AAML.
John Slowiaczek, president-elect of AAML, discussed with FOXBusiness.com what Boomers need to know to protect their retirement savings during a divorce. Here is his advice:
Boomer: What are the reasons the divorce rate for people over age 50 is rising?
Slowiaczek: People are living longer and there are often less children in families. As a result, couples often face the prospect of spending years or even decades alone in the home with one another, and they ultimately decide to end the marriage altogether. In addition, women these days are working and have established successful careers. They are less predisposed to stay in an unhappy marriage for the financial stability and feel more comfortable living their own lives without a spouse. This is certainly the case when both spouses have contributed to their own retirement plans and wealth plans and can leave the marriage with these accounts.
Boomer: How does divorce among Baby Boomers impact retirement savings for this generation?
Read more about it here: http://fxn.ws/2c55gNF
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