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How getting a gray divorce may impact retirement planning

On Behalf of | Oct 30, 2020 | Gray Divorce |

Though divorce is possible at any age, the number of people over the age of 55 getting divorced is rising. This may be due to a number of factors, including wider acceptance of divorce and people living longer lives. However, none of this means that ending a marriage won’t impact an older person, and often the exact opposite is what happens. The impact upon a person’s retirement savings in particular can be significant and difficult to reverse. Fortunately, there are things that those in this age bracket who are considering a divorce here in Connecticut can do to help themselves.

Perhaps the best piece of advice is to increase one’s knowledge of his or her own finances. Many people rely on their spouse to handle household assets, meaning they are not aware of their full financial picture. This is also helpful when it comes time to divide up those assets. They will need to consider which assets are jointly owned and who will be getting what. Some assets that a person assumes are separate may actually be considered marital assets and subject to division.

When it comes time to determine the divorce settlement, some people neglect to take the future into account. At this age, some may be facing increased health care costs and reduced ability and time to make up for any retirement income divided between spouses. This could mean they need to find ways to increase their income — or reduce their expenses. Above all, each person may have to manage their expectations and be flexible with their financial goals in order to come to a fair resolution.

Someone going through divorce at any age, though particularly those undergoing the process later in life, may benefit from legal counsel. An experienced family law attorney can ensure that those divorcing here in Connecticut are treated with fairness in the divorce settlement. This way, they can put the past behind them and focus on the future.