How Will Divorce Impact Your Golden Years?

Divorce will bring financial changes to your life, including changes to your retirement savings and plans for your golden years. At J. Timothy Smith P.C., we are committed to helping people facing divorce throughout the Birmingham metro area fight for their long-term financial interests. Our lawyer Tim Smith has over three decades of family law experience, and he understands what is at stake for you.

Retirement savings accumulated over the course of your marriage are marital property, which means they are eligible for division in divorce. We can explain how property division works in Alabama divorces and other laws that can impact your final divorce order.

Your Divorce And Your Retirement Savings

You worked hard to save for your future, and a divorce can mean that you will lose as much as half of what you set aside for your post-career years. Alabama laws allow judges to have greater discretion on how couples will divide retirement accounts, which means it is critical to have an experienced legal advocate working on your behalf.

Division of retirement accounts is one of the most complex issues in a divorce, and we can help you address your concerns and answer questions you may have, including:

  • What accounts will I have to divide? Any savings accumulated during your marriage is subject to division. However, Alabama courts focus on equitable division, and you may be able to negotiate a fair settlement.
  • How do the courts decide on division of retirement? Courts will attempt to come to a fair, equitable resolution. They will look at the economic status of both parties, the length of the marriage and other factors.
  • Are my assets from before marriage safe? In most cases, assets accumulated premarriage are not eligible for distribution in divorce. You will likely be able to retain all the retirement savings you set aside before marriage.

Get A Free Phone Consultation

Our attorney will take the time to answer these questions about marital assets and others you may have regarding your future. You can have a free phone consultation with our attorney; call 205-208-7974 or email to set up an in-person meeting.