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Millennials and Divorce: Do Not Neglect Retirement Assets

The divorce rate amongst baby boomers is growing. This statistic has been covered by numerous news sources. Many of these publications focus on the importance of ensuring a fair split of retirement assets during the divorce proceeding.

Although this focus is important, the fact that it is currently being stressed for those over the age of fifty going through a divorce may have resulted in the unintentional downplay of the issue for Millennials.

Should Millennials be concerned about retirement assets during divorce? In short, yes, Millennials should be concerned about retirement assets during divorce.

Retirement assets generally accumulate over the years. The foundation for retirement assets is set during the account holder's younger years, often his or her twenties and thirties. This foundation is extremely important.

Although a younger person is more likely to have moderate success rebuilding retirement assets after divorce, as noted in a recent piece in the Ledger, the foundation can never be fully replaced. As a result, it is important for Millennials to try to get a fair share of retirement accounts in their final divorce settlement agreement.

How can I better ensure that I get a fair split of retirement assets? There are a number of options that can be taken to help better ensure a fair split during divorce. One option that is becoming more popular is the use of a prenuptial agreement. This legal tool can help guide the split of a number of assets in the event of a divorce, including retirement accounts.

Once going through a divorce, the importance of experienced legal counsel cannot be stressed enough. It is easy to overlook property that should be carefully considered during the asset division determination of the divorce proceeding, such as retirement assets. This risk can be mitigated by hiring experienced counsel to advocate for your interests.

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