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When older couples get divorced, their finances can suffer

On Behalf of | Feb 3, 2020 | Divorce

Divorce is a process that affects everything in an individual’s life, from how much time he or she will be able to spend with a child to long-term savings. It’s normal to worry about how the decision to get divorced will impact retirement and future financial stability. This is particularly true for Virginia couples who are older, nearing retirement age or who have been married for a few decades.

Ending a marriage is already a financially complex process, but it can be remarkably more difficult for those who are facing retirement. All marital property is subject to division in divorce, which means that some types of retirement accounts could be essentially cut in half. It is not hard to see how this can have a direct impact on decisions about where to live during retirement, when to stop working and lifestyle expectations. 

In addition to long-term savings, one of the most important marital assets is typically the family home. It’s normal to want to stay in the home, but this is not always the best choice. There can be significant tax obligations associated with home ownership, as well as significant costs for upkeep and more. Anyone who is planning to retire or who has reduced income may not be able to manage these costs.

It is rarely easy to navigate the property division process in a divorce. This is a complicated issue to address, and there are often complex emotions and expectations in play as well. To come to fair terms that will prove to be beneficial long-term, it will be helpful for someone planning to get divorced in Virginia to keep his or her eyes on what is best for the future.

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Attorney Harvey S Lutins