Getting a divorce often means that there will be property division taking place. If you are part of the growing population of older adults getting a divorce, you may have more at stake than property and a bank account or two. What happens to your retirement account when you get a divorce?
Going through a divorce involves much more than just getting a piece of paper noting the legal end of your marriage. If you and your ex have assets together, you have to consider how the property division aspect of the divorce will affect your taxes and your estate plan. The answer to these issues isn't always easy, but there are some fairly consistent points you should consider.
Divorce and property division go hand in hand. Knowing your rights when it comes to getting assets and debts divided can help you as you go through the process. Getting the settlement you need from the get-go is vital because once the settlement is finalized, it cannot be altered.