When going through a high-asset divorce, many spouses forget to consider the impact dividing retirement accounts will have on their future financial goals and lifestyle. Couples getting divorced in Arizona need to think about the ways their financial goals may change once their divorce is finalized, including what will happen to their retirement funds.
While many spouses may think it would just be easier to split their retirement accounts in half, this may not be the best option for many spouses. Instead, spouses need to think about the value of each retirement account and investment account they own before determining how it will be divided.
Spouses with high-asset retirement accounts and investment accounts should consider taking the following steps when evaluating their accounts before asset division proceedings start to ensure they are creating the best financial future for life after divorce:
Understanding what steps to take to create a better financial future for yourself may seem difficult right now, but it will be very beneficial in the long-run and you will thank yourself later for thinking about these financial issues now before it’s too late.