Divorce At Older Age Does Not Have to Crush Your Retirement Plans
Going through a divorce is always going to be difficult both financially and emotionally, no matter your age. But older couples going through a divorce have a unique set of concerns, including what will happen to their retirement plans.
This has become an increasingly common concern among divorcees, as so-called “gray divorce” (divorce among adults older than 50 years old) has more than doubled in frequency since the 1990s, even as the divorce rate overall has dropped significantly in the same time. While it is second marriages and shorter marriages that tend to be most at risk at this time, there are still plenty of people who have been married for longer than 30 years who get divorced.
It’s important to know that an older-age divorce does not have to mean the end of your retirement plans. Here are some tips to help you out of you are going through a divorce when nearing your retirement age:
- Don’t let your emotions impact your financial decisions: You have to keep a focus on what’s best for you and your long-term financial goals. You do not need to keep up appearances or spend money on things you don’t need. Be cautious and sensible with your spending and continue working toward your goals.
- Work with a financial advisor: While your divorce attorney can provide you with some financial advice as it relates to your divorce, you really should have a financial advisor of your own who you can work with on your in-depth retirement planning. Chances are a professional financial advisor can keep you in better financial shape than you’d be able to yourself.
- Keep taxes in mind: It’s important to understand the money you will owe both before and after taxes in your divorce, and how that will in turn affect the taxes you have to pay in the future. Look at your projected tax bracket, how your filing status will affect your return and anything else tax-related that could affect your financial future.
For further advice on protecting your assets during your divorce, contact an experienced Long Island family law attorney with Bryan L. Salamone & Associates.