Couples who are approaching a divorce are often apprehensive about retirement. This can be especially true for the increasing number of couples who are getting divorced in their fifties and later. In fact, an ING U.S. study found that divorcees have more anxieties about retirement than do married people. The study further discovered that divorced individuals also had $11,000 less saved up for their retirement than their married counterparts. Women in particular worry about whether or not they will ever be able to retire. Women who divorce were found to have $34,000 less prepared for retirement than divorced men. On the other hand, divorced men worry about having to put their retirement plans on hold for a few more years, often because of what they have to pay for in alimony and/or child support.

It is important to plan accordingly then. For example, when divorce is imminent, you may not want to have your heart set on keeping the house. A common mistake divorcees make is assuming that the house is worth more than a savings accounts. Liquid assets may be much more vital to your future plans. For one thing, the home will require regular bills, and a house will always throw you surprise exigencies from time to time. Retirement accounts, however, might offer you more in real assets in order to retire. A diversified savings account may also be more valuable than the house. It all depends on your situation, and what the potential tax penalties of each asset would be. It is very much worth looking into.

This brings us to a second miscalculation that divorcing couples can make. You have to be aware of the tax penalties that will affect your retirement accounts, otherwise, you may end up with the raw end of a divorce settlement. For example, pre-tax accounts mean that you will be taxed at the time you take the funds out for retirement. Roth IRAS, on the other hand, are a type of after-tax retirement funds. So if you are looking at a 401(k), 403(b), or an IRA with the same amount of money as a Roth IRA, in the long run the Roth IRA will be worth more.

A third mistake to avoid is being unaware of tax penalties for withdrawing money early from your retirement account. If you end up with your ex's 401(k) or 403(b), then you might not want to instantly roll this over into an IRA. This is because you may have the chance to take money out early to help you with the divorce—and without a penalty. You can only do this once, and only if you are younger than 59-and-half years old. Your ex-spouse would also have to have the funds with a QDRO, a qualified domestic relations order. If you qualify, then you can withdraw money without getting slapped with the 10 percent tax penalty.

But be aware of a further costly error. You might take too much advantage of avoiding this tax penalty, leaving you with too little left in your retirement account. That is why it is important to know exactly where you stand financially. First, you should nail down how much you will need to pay for divorce expenses. Then you will need to calculate what you will need to retire: How much is enough to live off of for a few decades? Once you know both numbers, you can know how much to withdraw early, tax-penalty free.

Once you know what you need, it is not guaranteed you will be awarded this in a divorce. It is vital that you get an outstanding divorce attorney who will fight for your full rights. Find one today!