Getting divorced can unfortunately throw a wrench in a person’s finances. As a result, the individual’s retirement planning process may have to undergo a drastic change. Here is a rundown on how to restart retirement planning following divorce in New Jersey.
First, it is important for a divorcing spouse to take a detailed look at his or her expenses and income with the goal of optimizing what he or she can save long term. This involves identifying what are truly needs versus wants. Then, the individual can adjust his or her lifestyle to this perspective. With a solid plan, the divorcing individual can still achieve the type of retirement that he or she desires.
Second, it is a good idea for those getting divorced to review their retirement accounts on a quarterly basis. In addition, they may want to review their accounts’ beneficiaries on an annual basis at least. Starting estate plans is also a good idea to make sure that these assets end up in the right hands in the event that the assets’ owner passes away.
Divorce can understandably be a hard process both emotionally and financially. However, with proper planning and a proactive mindset, individuals who are getting divorced can increase their chances of remaining healthy financially over the long term. An attorney in New Jersey can examine a client’s current financial situation and help to make expedient decisions regarding property division and alimony, for example. The attorney’s chief goal is to make sure that the client’s best interests are protected from start to finish.