Split Retirement? Is that fair?

Earlier this week, I created a poll and 68% said it wasn’t fair to split their retirement with their ex. I was surprised with the results.

Some of the comments were:

⭐My money I worked for it! I’m not splitting it with my ex. 

⭐I think it’s fair if both people have put in the same effort in order to get to retirement. Then they accumulated purse during the relationship should be shared.

⭐Depends on the history between those involved. Life is not fair. Fair is for children and those in your life you need to keep a healthy relationship with.

⭐Hell no!

Some of that depends on how long you have been married and in part have contributed to the relationship monetarily. At least that is the way I have seen it done. And also, it is possible for the spouse to claim some of social security if you live in the US provided you meet the guidelines for this process. 

 ⭐Oof. That’s a tough one. I think it actually depends on what the relationship was like. Was the support there? My opinion may be skewed a little coming from a military background…thinking of military spouses that carry AAAALLLL the other things while the military personnel did what they do. 
When you are going through a divorce, it is important to consider how retirement will be affected for both parties.  Through the division of assets which may include dividing retirement accounts between the two parties.

However, it's worth noting that the laws and procedures for handling divorce, alimony and division of assets can vary greatly depending on the US State laws and the Canadian Provincial laws, or other countries.  It's important for both parties to seek guidance from a qualified legal professional to ensure that their rights and interests are protected. It's also important to consult with a financial advisor to ensure that you understand the financial implications of a divorce and to help you plan for your future.
If you are facing a divorce and you know you will not have support from your spouse, start planning for your future.  Seeking legal and financial advice.  The financial advisor can build a plan to help you be self sufficient, start building your own savings, investments, and retirement plans.

It's important to keep detailed notes and documentation of all aspects of the divorce process, including any agreements made and any assets that are divided. This can help ensure that everything is handled fairly and can also serve as valuable information for your attorney and financial advisor.

Make sure you also have copies of all important legal documents, such as your marriage certificate, divorce filing, and any court orders or agreements that are made. Keep in mind that it's also important to keep copies of financial documents, such as bank statements, tax returns, and pension or retirement account statements.

If you need any support during your divorce journey, please contact me for your complimentary call.

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