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Oakland County military divorce attorney

Serving in the military comes with obvious risks, but not everyone thinks about the risks their relationships may face. The unfortunate truth is that being an enlisted service member or an officer means your chances of getting divorced are much higher than those associated with a marriage between two civilians.

Factors that can lead to a ruined relationship include the extremely high stress of certain military jobs, being away for months at a time, and having to put your service before your family again and again. Service members who have experienced trauma while deployed or during training have an even higher divorce rate, with post-traumatic stress disorder (PTSD), depression, anxiety, sleeplessness, and an inability to assimilate back into civilian life being common contributors to divorce

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Farmington Hills divorce lawyer, retirement account division, property division, retirement savings, divorce and financesMost Americans can expect to live for about 15 to 20 years after their retirement. But are we saving enough to live comfortably in retirement? Among families with income in the 50th percentile and above, over 80 percent at least have some type of retirement account, such as an IRA, 401(k), or defined-benefit pension plan. That is a good start, but most are not saving enough.

A recent survey found that just 40 percent of those aged 35-54 and just 50 percent of those age 55+ have over $100,000 in retirement savings. By most accounts, this is not nearly enough, even considering the addition of Social Security payments. According to a recent Harvard Business Review article, a median income worker can only expect their Social Security payments (after Medicare premiums) to equal 29 percent of pre-retirement income.

Hence, it is important to highlight the need to make sure retirement accounts are equitably divided in a divorce. It is all too easy to focus on pressing issues like child support and what happens to your house, and possibly miss out on what is due to you from a spouse’s employer-held 401(k) or pension plan.

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Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
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