Divorce means radical change to your financial situation, including how you plan your retirement in New York. If you and your spouse are calling it quits, now is a good time to reevaluate your retirement portfolio, especially if your spouse had heavy involvement in your financial retirement decisions. The circumstances of your divorce plus the fact that you will have to make your investment choices on your own can dramatically impact how your retirement turns out.
Some spouses have no problems with the way their partners handle their retirement plans. Others, however, might silently take issue with the decisions of their spouse but do not want to rock the boat by voicing objections. If you find that your spouse’s financial choices were too flawed, you may end up having to radically reshape your retirement strategy now that you are on your own.
U.S. News and World Report points out that some investment strategies might be too aggressive for one person’s savings goals as opposed to those of a married couple. If you were receiving financial help from your spouse in investing in your future retirement, you have to change your plans to account for the loss of that income. Additionally, the asset division resulting from your divorce can deplete your finances to such a level that you may find certain financial risks no longer acceptable.
One of the first steps you should take is to separate your finances from your spouse and determine what you own, basically what is not considered marital property. From there, you can evaluate what kind of retirement options you want to explore. SmartAsset suggests hiring a financial advisor with experience in counseling people who have gone through divorce. You might, for instance, talk to your advisor about making lower risk investments that will not be buffeted by changes in the market.
