Changing your Retirement Date due to Divorce
IF I AM HEADED FOR A DIVORCE, DOES MY DATE FOR RETIREMENT HAVE TO CHANGE?
Depending on your circumstances, a divorce may mean you have to delay your retirement or it may not. If you are now or will be paying child support because your children are minors and will be minors after your anticipated date of retirement, generally speaking, a Court will not necessarily reduce your child support amount due to your deciding voluntarily to retire. However, if you have sufficient assets from which to pay your child support, the fact that you want to retire will not matter. As long as you can meet your legal obligations of support or property payments, if required, then it is fine for you to retire. If, however, you don’t have the assets and you would want to seek a reduction in either spousal support or child support because you want to retire, it is best to have that discussion prior to the divorce or during the divorce itself and have the agreement you reach with your former spouse written into the Agreement so that it is clearly anticipated and agreed upon. Again, pre-planning and anticipating life events are the keys to avoiding expensive and disappointing litigation.