Since 1990, the divorce rate among people 50 and older in the US has doubled. This leaves many couples struggling to divide retirement funds, investments, and nest eggs and jeopardizes their financial future.
A Fair Settlement Impacts Your Quality of Life
Unlike divorces that occur in a couple’s 20’s and 30’s, a change to retirement and financial planning for a person over 50 can be difficult. Disproportionate divorce settlements jeopardize the age of retirement and the standard of living for the rest of a person’s life. Important attention to detail, a good divorce lawyer, and expert advice are tools that will ensure the financial security of divorcing couple’s future.
Thoroughness is Crucial
Unless specified in your final judgment of divorce or divorce decree once the divorce is final you have no legal interest to your ex spouse’s assets. This means that if he or she discovers a pension from a job they had years ago, you may no longer entitled to part of it. This also applies to hidden funds or investments. Ensuring that all of you and your spouse’s assets are accounted for in the divorce is crucial. This includes intentionally hidden assets.
Consult With An Expert
Financial planners are experts in determining specifics on retirement plans, pension forecasting, and evaluating assets. An advantage to having a financial planner is that they are not as emotionally exhausted as the divorcing couple. They are able to navigate the logistics of finances without the emotional weight. With this expertise, spouses can reach a fair division of assets and debts.
Hire a Lawyer
Doing research and finding a reputable lawyer in Grand Rapids that has experience with “later in life” divorces will help you. A lawyer will advocate for your interests in court and ensure that you understand the process and legal jargon. Lawyers can also advise you on creating a unique settlement that ensures your financial safety.
Source: Gustky, C. (2014, June 27). Retirement Plans Thrown Into Disarray by a Divorce. The New York Times. Retrieved May 28, 2015, from http://www.nytimes.com/2014/06/28/your-money/late-in-life-divorce-can-disrupt-retirement-plans.html