Divorcing Close to Retirement – What You Need to Know

 Posted on November 08, 2016 in Family Law

Divorce among most age groups might be declining, but those nearing the age of retirement are splitting up at a rate more than double what it was just two decades ago. On one hand, the willingness to start over and pursue a path to self-happiness could be considered a testament to the improved financial stability of women. On the other, divorce at this stage in life carries with it some causes for concern. If you are nearing your retirement age and considering divorce, the following information explains what you should know.

Protecting Your Financial Future is Critical

As you near retirement, your ability to make up any income or assets lost during divorce is greatly diminished. This means you will need to do some extra planning to protect your financial future. Take stock of what you have – assets, income, expenses, investments, and retirement accounts – and ask your attorney for help in determining what might be left once the divorce is over. This will tell you if you should make any adjustments to your retirement plan, divorce plan, or financial plan.

Adjust Your Path as Needed

If, upon receiving an analysis from your attorney, it turns out that you may not have enough to support yourself after divorce, forge a new plan. Do not just look at one possibility, though. Consider all of your options. Can you and your spouse work together at a slow split that will allow you to pay down some debts, consolidate loans, and plan more effectively? Could you rent out a room in your home or walk dogs for extra cash? Or would putting off your retirement by a few years make up for the income you may lose in divorce? There is no one “right” way to move forward; just a lot of options and a way that is likely to work best for you and your situation.

Obtain Experienced Legal Assistance with Your Divorce

When planning for divorce near retirement, it is critical to have an experienced divorce lawyer by your side, watching out for your best interests. Dedicated and experienced, Mevorah & Giglio Law Offices will protect your financial future. We will guide you through your divorce, step-by-step, serve as trusted advocates, and pursue the most favorable outcome possible in your case. Schedule your consultation with our DuPage County divorce lawyers to learn more. Call 630-932-9100 today.

Source:

http://www.usatoday.com/story/money/personalfinance/2016/10/15/retirement-divorce-marriage-savings/92019694/