If you are considering divorce and are of the age that you are considering retirement, you are certainly not alone. According to a Fortune.com report, the divorce rate in America is steady, even though people are waiting long to say “I do” and fewer people are reportedly getting married. It is suspected that older Americans (i.e. baby boomers) are divorcing in greater numbers.
While this may be attributable to changing views on financial independence or marital roles, one thing is for certain. The financial decisions that go into such a divorce are just as important as the emotional ones. Indeed, there is life after divorce. So older divorcees must take a pragmatic approach to divorce because they simply do not have the luxury of time to “figure things out” afterwards. In essence, they must have their financial houses in order before a divorce can be finalized.
This means that graying divorcees must have a realistic view of how their post divorce budgets. Since they will likely have to rely on fewer assets (because marital assets are divided during divorce) they may have to make significant lifestyle changes; including where they live, how often they travel to see grandchildren, and how they pay for medical expenses. Moreover, they may have to make adjustments to their retirement plans, since they may not have the same funding from marital assets as they once did.
A divorce later in life does not mean that you are doomed to a life of substandard living. If you have questions about financial decisions affecting your post divorce life, an experienced family law attorney can help.