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Retirement after a later-in-life divorce

On Behalf of | Oct 2, 2018 | Divorce

Divorce is on the rise among older Americans in Grand Rapids and across the country. While the rate of divorce for younger Americans and the population, on the whole, has been on the decline or remained steady, the opposite has held true for people age 50 and up. In fact, since 1990, their divorce rate has doubled, and the trend shows no sign of stopping. People who are remarried or who have only been married for a few years are more likely to divorce, as is the case for younger couples as well. However, many “gray divorces” also take place among people who have been married for decades.

Property division can take a significant toll on retirement funds for divorcing couples of any age. However, the concern can be far greater for older Americans. They have less time to rebuild their individual retirement plans, and it costs much more to fund two single retirements out of the same money originally slated for both. However, prudent financial planning can help people divorcing later in life to avoid some pitfalls and emerge successfully into retirement.

Before heading into divorce negotiations, it can be important to be fully aware of all relevant accounts and properties. Paperwork like tax returns, investment statements and insurance policies can be critical in reaching an appropriate settlement without squandering funds on battles over the information. In addition, the post-divorce period is an important time for financial prudence; avoiding excessive spending and moving towards downsizing can help to maximize savings for the future.

The financial implications of divorce can be concerning, especially when a married couple has spent many years together. A family law attorney may be able to provide advice and representation on a range of issues associated with divorce, including property division and spousal support, and work to reach a fair settlement.

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