Divorce and retirement: protecting the future

On Behalf of | Oct 18, 2016 | Divorce, Firm News

As California readers may know, couples age 50 and up are choosing to end their marriages at a higher-than-average rate. In fact, the overall divorce rate has dropped from about 50 percent, but the number of “gray divorces” continues to increase. As couples going through a gray divorce are closer to retirement, it is important to carefully consider the financial impact of any decisions made during the legal process.

One of the most important steps for an individual considering a divorce later in life is to carefully evaluate all financial matters before filing. This should include tax consequences, future earning potential, retirement savings, years left until retirement, housing costs and more. As all marital assets will be divided or distributed between couples, it is almost certain that divorce will have an impact on post-divorce financial abilities.

Individuals who are going through a gray divorce may find it necessary to adjust their retirement plans in order to fit their new post-divorce financial standing. While divorce will certainly have a financial impact, it is possible to secure a strong and stable future, no matter how close retirement age may be. Working with an experienced family law attorney will ensure that financial interests are well protected.

Before a person files for divorce in California, it is best to secure the assistance of a lawyer who can explain legal options and prepare for what lies ahead. No matter how close a person is to retirement, the agreements reached during divorce will have an impact on the years to come. With the right support and guidance, it is possible to move forward from this process with retirement dreams still intact.

Source: usatoday.com, “Nearing retirement and thinking about divorce? What to consider“, Arielle O’Shea, Oct. 15, 2016