It is often assumed that divorce is an issue that younger couples face, yet statistics indicate that divorce rates are declining among most age groups. Those aged 50 and older are the exception, however, with a divorce rate that has more than doubled since 1990. There are many theories as to why, but the real issue here is not the reason behind the rate of divorce. Instead, it is finding ways to ensure that these couples are able to effectively navigate through their divorce, despite the unique challenges they face.
Knowing Where to Start
Divorce as you are nearing retirement is a multi-pronged issue. Not only are you dealing with the emotional aspects, you have financial and later life considerations to make. Everything must be weighed carefully, and it can be difficult to know where to start. Of course, only you can decide the best approach for your situation, but if you are struggling, the following information may help you find direction. Further, it can help to ensure you have considered at least some of the most pressing points.
Start with a Review of Your Resources
Before you officially start down the road of divorce, it is important to know and understand your financial situation. What kind of income do you have coming in? What do you have going out? How much of each will continue once the divorce is final? Is there a major deficit? If so, is there a way that it can be offset? Will you need alimony? Will you be entitled to social security through your spouse? All of these considerations, and more, should be at the forefront of your mind. This is because, unlike younger couples, you may not have as much time to recover from the financial effects of divorce, which can put you at a higher risk for financial troubles during your retirement.
Making Up for the Gap
If you do find that there will be a deficit in your income after divorce, it is important to come up with a plan for filling the gap. Not only does this increase your chances of keeping your retirement money for your actual retirement, it also gives you a way to make up any amount that may be lost during the course of the divorce. Maybe consider gig jobs, which are growing greatly in popularity right now (driving for a rideshare program, dog walking, etc.). Or, if you believe you may be keeping the house and have extra room, maybe consider renting one of them out. Just be flexible, be open to your options, and get creative and you are more likely to find something that will work for you.
Get Experienced Assistance with Your Divorce
Do-it-yourself divorce is almost never a good option for couples, but it is a serious risk for those who are nearing retirement. This is due, in part, to the complexities of retirement accounts, the amount of retirement money that older divorcees typically have, and the lack of earning years left. So do not make this mistake. Instead, seek experienced legal assistance in your divorce.
At Sullivan, Taylor & Gumina, P.C., we care about your future. Seasoned and dedicated to your best interests, our Naperville divorce lawyers have the skills and knowledge needed to help you effectively navigate through your divorce. We will protect your rights and stand by your side every step of the way. Get started today be scheduling your confidential and personalized consultation. Call us at 630-665-7676 today.