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Divorce can impact retirement dreams in several ways

The ending of a marriage can be an exhausting ordeal. The divorce process can take a toll on financial dreams if one is not able to make decisions objectively. South Carolina residents who are going through a divorce are encouraged to carefully review settlement proposals to ensure that retirement dreams are not shattered. 

A divorce demands that spouses make countless important decisions. It may be easy to lose sight of one's retirement goals during this time, especially if retirement is still in the future.  However, it is important to keep it in mind during settlement negotiations, especially in four key areas. The first of which includes the possible division of an Individual Retirement Account (IRA). Even though it is referred to as an individual account, it could be subject to division in a divorce since it is likely considered a marital asset.

Along with an IRA, spouses may also have pension plans. Though these are also titled in one name, they may be included in the marital assets and could be divided in a divorce. It may be advisable to concede in other areas in order to retain as retirement assets. Another consideration may include a Qualified Domestic Relations Order, which is a court-ordered document that allows the division of such retirement accounts as a 401(k). Once again, it may be possible to exchange other assets in order to preserve one's retirement hopes.

Lastly, spouses may wish to consider benefits that they may qualify for under Social Security. If a marriage lasted 10 or more years and one spouse has paid more into the system, then it may be possible to qualify for a percentage of benefits based on a spouse's earnings. South Carolina residents who are preparing for a divorce may benefit from seeking the assistance of an attorney who is skilled in negotiating settlements that can help one obtain his or her financial goals. 

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