More and more couples who have been married for years are breaking up. Whether it has to do with having an empty nest or simply moving in opposite directions, gray divorce — or the divorce process of those who aged 50 or more — is becoming more the norm. Virginia couples who find themselves on this side of the fence may want to rethink their retirement plans since moving forward as singles may play a large part in the financial picture.
The divorce rate for older couples has doubled in the last 28 years. Living the single life may be much more expensive. Once assets have been divided, the individuals will be in a better position to make financial decisions, including one regarding the probability of revamping retirement plans. There may be many issues to think about including 401(k) plans, who pays alimony and who receives it, and whether or not there will be two homes to run.
Getting the help of a few experts, like a financial advisor, may help individuals look at their overall financial picture from a less emotional perspective. Doing so may make it easier to come to some short and long-term decisions based on current finances. Asking for help may be advantageous in getting finances back on track and to continue to plan for those retirement years.
A Virginia attorney may be a good person to talk to about divorce issues like these. A lawyer may be able to answer prudent questions such as the division of assets or those surrounding a marital home. The divorce process is emotionally volatile and the more someone is armed with the knowledge about the issues that impact the process, the easier it may be to move ahead.
Source: Forbes, “Does Divorce Derail Retirement?“, Larry Light, Accessed on April 25, 2018