If you are planning to divorce, you are probably aware of how this decision can impact various aspects of your life. From where you will live to your plans for the future, the end of your marriage is likely to affect you for years to come. For this reason, it is crucial to think through every decision you make and consider its long-term benefit.
This consideration is especially important for people who are nearing retirement age. When a couple is over the age of 50, divorce can significantly alter the plans of both parties for their retirement years. As you move forward with this process, it is beneficial to consider the ways you fight for equitable distribution of marital assets and keep your dreams for your retirement years intact.
The rise of gray divorce
It may be of interest to you to know that the overall divorce rate is not as high as it once was. However, gray divorce, which are divorces involving people age 50 and up, is on the rise. There are many financial and cultural reasons for this, including the fact that people are living longer than ever and there is less social stigma associated with divorce.
While a gray divorce may be the right choice personally, this decision can have a major impact on retirement plans. As you think about what is ahead and what is in store for your future, it may be helpful to consider the following:
- Divorcing before you retire may mean you will need to adjust your plans, including your retirement date and how much money you need to save.
- Gray divorce may mean less income with the same amount of expenses — financial adjustments will likely be necessary.
- It is helpful to consider how divorce will affect things like your credit score and jointly held debt.
The impact that divorce will have on your life depends on how close you are to retirement or whether you are already retired. Before you agree to any terms or a property division settlement, it is smart to think about the long-term implications of these choices.
Your plans for your golden years
Divorce is not easy, no matter how old you are. However, if you are facing a financially complex divorce, there is significant benefit in working with an experienced, knowledgeable Florida family law attorney. Seeking guidance from the very beginning can allow you to have the right support as you fight for a strong and stable future through an equitable and sustainable property division order.