Helping Clients Navigate A Course To A Better Future

Preparing for divorce later in life

The divorce rate for people who are 50 and over has substantially increased over the past few decades. Part of this increase may be attributed to people living longer and couples in second or third marriages that want to get divorced. Regardless of the reasons why older adults in North Carolina might wish to end their marriages, it is important that they are smart about how they get divorced so that they will not derail their abilities to retire.

When older people get divorced, they have to divide their assets and property, and they may also experience a drop in income if both spouses work. If they do not make adjustments, they will still have the same expenses without sufficient income to cover them. People should begin by calculating what their new income will be and deduct their expenses. This may show them that they need to cut their expenses or add an additional income stream to make ends meet.

The next step is to recalculate their retirement savings. People might need to make adjustments to their contributions so that they will have enough when they retire. They should be aware that the amounts that their retirement accounts have grown during their marriages will likely be included in the marital estates, meaning that they may be subject to division.

The end of a marriage can be difficult to navigate at any age, but it may be more complex when people are older. Older couples may have amassed substantial assets that will need to be divided while having fewer years to save for retirement. People who are considering divorce might benefit by consulting with a family law attorney who is experienced in handling complex property division matters.