Clement Law Center - Federal Way Family Law Attorney
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Our office is open. At Clement Law Center, the safety and wellbeing of our clients and employees come first. In response to COVID-19, court hearings and all conferences with client and prospective clients will be by phone. We are not conducting in-person court hearings or meetings. Our staff will often be working remotely during this time. Our office will be checking voicemail and will return client calls as soon as possible. We continue to offer free phone consultations.
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Building toward retirement after a divorce

On Behalf of | Aug 23, 2018 | Divorce

The end of a marriage can lead to a financial hit that has many future ramifications. This is because in a divorce, retirement accounts such as IRAs and 401(k)s may need to be divided. In some cases, an ex-spouse in Washington can lose hundreds of thousands of dollars. As the law limits 401(k) contributions to $18,500 for those 50 and younger, it can be hard to regain a nest egg once it’s lost.

One who primarily receives funds from an IRA or 401(k) as part of a divorce settlement may also struggle financially. However, the struggle can be even greater for someone who doesn’t work or otherwise generate income that can be used to further grow a retirement fund. For some, it may be necessary to use a combination of alimony and other benefits to make ends meet. To get the largest possible payout each month, a person will ideally wait until age 70 to start collecting social security.

For divorcees who do have jobs, it can be worthwhile to contribute the maximum annual amount to a 401(k) or IRA. Putting money into a taxable investment account is another way to quickly rebuild financially after a divorce.

The end of a marriage could have a massive impact on a person’s finances. Therefore, it is often in one’s best interest to consult with an accountant and attorney during the divorce process. Doing so may provide a clearer picture of what is needed from a divorce settlement and how to go about getting it. An attorney may be able to represent an individual during mediation sessions or in a formal divorce trial.


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31919 1st Avenue South, Suite 103
Federal Way, WA 98003

Toll Free:888-351-6779
Phone: 253-954-3351
Fax: 253-815-8458
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Seattle, WA 98115

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Bellevue, WA 98007

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