What are the financial implications of divorcing when older?

WHAT ARE THE FINANCIAL IMPLICATIONS OF DIVORCING WHEN OLDER?

Divorce at any age can be an emotionally draining experience. But for older individuals, a parting of the ways could be especially daunting. The fact is, the older we get, the less time we have to prepare for retirement. Moreover, if you have spent years dedicating your time to tending to the household and raising a family rather than being part of the workforce, you are at an extreme disadvantage in regards to seeking employment.

But fortunately, your time accrued during your marriage could play a positive factor in regard to the settlement you may be able to receive. For example, if you have been married for more than 10 years, you are allowed to claim a share of your ex’s Social Security benefits.

Additionally, you have a variety of alternatives regarding the division of other retirement plans, independent pensions as well as employer-provided pensions. For example, you may be able to collect your share in the form of a lump sum, which you could then reinvest. On the other hand, you might be better served to have your benefits parsed out over your ex’s lifetime.

It is very important that you explore all your possible sources of revenue that could constitute your final settlement. And clearly, you will need to carefully weigh your choices in regard to the manner in which you want to have these accounts divided. Remember, what you walk away with after your divorce will form the cornerstone of your finances and retirement.

To help make you the most advantageous choices possible, you may want to consult with an experienced property division attorney. An attorney can assess your situation and help you work for the settlement that serves your best interests.

2019-11-08T00:09:57+00:0021 Dec|
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