Divorce will certainly bring changes to your life, but what these changes mean for you depends on various factors unique to your individual circumstances. One significant factor is your age and how close you are to retirement age. When adults age 55 and up divorce, it can have a dramatic effect on retirement savings and plans for the future.
Gray divorce is a term given to divorces involving people who are over 55 and approaching retirement. With less time to recover financially, the end of a marriage can devastate long-term savings and a person’s hope for his or her golden years. Thankfully, there are things you can do to protect your interests and secure terms that allow you to move forward into your future with confidence.
Helpful hints for your divorce
You may be dreading the potential fallout from your divorce. What’s going to happen to your savings? Will you end up with enough to retire when you want to? These are only some of the questions you may have as you try to figure out what this process will mean for your future. Some things to remember as you walk through divorce include:
- Consider whether you will have to pay spousal support or if you could receive these payments. This will have a direct impact on your lifestyle and monthly finances post-divorce.
- Divorce will require the division of all marital assets, which is anything saved or accumulated over the course of the marriage. This includes long-term savings accounts such as retirement funds and more.
- It is smart to think long-term during your divorce. It may be easy to become caught up in the tension and stress of this process, but you would be wise to think about what will make the most sense years down the road.
You may have to make adjustments after your divorce. This may mean that you’ll need to work a little longer than you planned before you retire, or you may have to work part-time at some point. Others who go through a divorce later in life find that they have to adjust their expectations for where and how they hoped to live out their golden years.
Before you agree to any terms or move forward with your divorce proceeding, you may find it beneficial to first speak with an experienced New Jersey family law attorney regarding your legal options. Your legal ally can help you make choices that will make the most sense for your long-term well-being.