A divorce can lead to a division of assets that can hurt the retirement benefits that an individual receives. These people should examine how to protect their money when going through a split. Pension Calculator reported that retirement savings can be dragged into the divorce, and this can limit the amount of money that an elder individual has when they are in their post-working years. According to the news source, a pension is often among a couple’s largest assets, usually coming in second after the matrimonial home.
The process of dividing a pension plan between the former couple is a difficult process, as there is a series of factors that play into the court’s decision. These include the needs of each individual, children that are involved and the length of the marriage, according to Pension Calculator.
Fox Business reported that if a Qualified Domestic Relations Order is not drawn up, then an individual who worked and received a majority of the income would likely be forced to give half of it to their ex-spouse.