A study from Bowling Green University's National Center for Family & Marriage Research revealed that more couples are divorcing later in life. As many Florida residents may already know, this can be attributed to longer life spans and a more liberal acceptance of divorce, among other factors. Regardless of when a couple decides on the dissolution of marriage, the ramifications can drastically alter the future plans of each individual.
Couples who are going through a divorce later in life have different aspects to consider than younger couples deciding to separate. One of the more challenging aspects of grey divorce is the dividing up of financial assets that have been earned and co-mingled over a longer period of time. And retirement goals can be drastically altered in a grey divorce as well.
In order to keep your retirement goals on track during a divorce, it is important to consider a few things during the process. It will be crucial to re-evaluate your plans for retirement. Traveling extensively or moving to a different location may no longer be feasible or enjoyable goals as a single person. You must also consider the change in household budgets now that you will be living separately.
Aside from the emotional adjustments that will need to be made, couples divorcing later in life will also face the division of retirement savings accounts. The situation will depend on whether you are still in the workforce and contributing to your retirement or are already retired and drawing on your savings. It is a good idea to consult with a financial professional to readjust your monetary goals for retirement.
With so many important factors to consider, those contemplating or in the midst of a grey divorce should work with a skilled family law attorney to understand the legal ramifications throughout the process. Being fully aware of all legal options will ensure that your best interests are represented and you receive a fair and equitable settlement in the end.
Source: The Huffington Post, "Going Through A Gray Divorce? Focus On Your Retirement Savings," Suzanna de Baca, Jan. 9, 2013