Don’t Let Divorce Devastate Your Retirement. Did you know that August through September is one of the peak seasons for filing for divorce (after March)? While it’s not a fun topic to talk about, divorce is commonly faced by many people and can really throw a wrench in your retirement plans. Barring a prenuptial agreement that states otherwise, in the event of a divorce,one spouse can legally lay claim to part of the other spouse’s employee-sponsored retirement plan.
Information is power, so if you’re facing divorce, it’s smart to take steps so you can still enjoy the best possible retirement. Michael LaBrie, Compass Point founder, owner and licensed advisor, offers the following expert insight: “Remember that if a couple has an existing advisor relationship in place it may create a conflict of interest for that advisor to represent the best interests of two people in conflict. Therefore, at least one partner in the marriage should consider finding their own advisor who can work towards the fiduciary best interest of that individual partner. Divorce can be one of the most critical life events where sound and objective financial advice is required and can have the greatest positive impact.” If you’re concerned about how divorce will affect your financial future, come talk to us.