Divorce will certainly change many areas of your life, including your finances. The financial impact of the end of your marriage could be significant for Kentucky readers who are nearing retirement age. If you are facing the prospect of a gray divorce, you may find it beneficial to learn how to protect your interests and your plans for your golden years.
When a divorce comes shortly before retirement age, it could mean you have less time to recover financially. It is particularly important to take measures that protect your well-being both now and into your golden years. This process is difficult, but you do not have to walk through your gray divorce by yourself.
Is your retirement at stake?
For years, you worked hard to save and build up your retirement portfolio for your future. Divorce will mean the division of any marital assets, including retirement savings, but it does not necessarily have to derail your plans for your post-work life. Consider the following facts about dissolving a marriage later in life:
- The divorce rate for people age 50 and over has grown substantially over the last few decades.
- New tax laws will impact alimony. It could be beneficial for you to carefully negotiate these payments in light of the tax impact it could have.
- It is possible that you could be eligible for a portion of Social Security income on the basis of your former spouse's work history.
It is complex to extrapolate finances and negotiate issues that will affect your financial health for years to come, but you do not have to navigate these matters on your own. In fact, many people facing both retirement and divorce find it beneficial to consider seeking help when making important decisions regarding their retirement, financial support and other important property division issues.
You can still have a strong retirement
It is possible to still have a strong retirement after a gray divorce. Through careful evaluation of your case and thoughtful negotiations, you can secure a final order that allows you to have security and stability long after the process of ending the marriage is final.
Many people facing a gray divorce find it beneficial to start by seeking a complete evaluation of their case. This can help you understand your options for shielding your financial viability and how to pursue a property division settlement that does not completely undermine your long-held hopes and dreams for retirement.