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Divorce could impact retirement accounts in Massachusetts

Some Massachusetts couples may feel happy to say that they have been married for decades. When couples have been married for such significant amounts of time, they will likely begin making plans for their future as a couple. However, it is important to realize that even couples who are older are not exempt from potentially facing divorce. If they do find themselves in such a situation, some of those future plans could be greatly affected.

Retirement is one phase of life that many parties take the initiative to plan for. Joint retirement accounts may have been set up in order for both individuals in a marriage to be able to contribute to. However, if a couple decides to divorce, those retirement plans may no longer work. Because such accounts will likely be divided during the separation, a party may no longer be able to afford what they had once seen as a plausible retirement situation.

Some individuals may find it difficult to consider their retirement while going through the separation process. Because ending a relationship can be emotionally difficult, it is likely that other matters are on a person’s mind. However, if they let the aspect of retirement and other financial issues slide by, they could find themselves in an even more difficult financial situation in the future.

Divorce can understandably be difficult, especially if a couple has been married for decades. Working through the difficulties in a focused manner, however, could make a considerable difference in the outcome of the proceedings. Information on property division and how retirement accounts are affected in Massachusetts could help parties better prepare themselves for ensuring that they receive their fair share.

Source: The New York Times, "Retirement Plans Thrown Into Disarray by a Divorce", Constance Gustke, June 28, 2014

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