Since 1990, divorce among older adults has more than doubled in Massachusetts and in the rest of the country. The increase in divorces among people over age 50 has introduced several added considerations about finances and retirement. It is important for older adults to carefully consider their finances so that they can understand what type of impact their divorces might have if they decide to move forward with them.
When people get divorced after age 50, they have fewer years to save for retirement. At the same time, they may have to divide any retirement savings that they have set aside during their marriages with their estranged spouses. When these factors are combined with the fact that they may also suddenly have half of the income that they once did while having double the expenses, it is clear why divorcing after 50 can have such a negative impact.
People who are considering getting divorced when they are older may want to carefully think about their finances. It might be a good idea for them to talk to financial advisers who can give them a picture of their financial outlooks if they get divorced.
If people still wish to get divorced after thinking about the potential financial impacts, it may make sense for them to get help from divorce lawyers who are experienced at handling complex property division matters. Attorneys may explain potential tax consequences that might be associated with different asset division scenarios and work to negotiate settlements that might protect their clients’ finances. If negotiations are unsuccessful, lawyers may litigate all of the outstanding issues on behalf of their clients through the court process up to and including the divorce trials. Attorneys may also work to ensure that their clients will retain their abilities to retire and experience minimal negative financial consequences.