How Divorce Can Wreak Havoc on Your Retirement Plans
You may have planned a future with your spouse, only to see your plans disappear as you watch your marriage crumble. While many people get divorced in their 30s and 40s, some file for divorce later in life – in their late 50s, 60s, 70s and beyond.
A divorce late in life has many implications. One of the biggest impacts is the financial aspect. A person who divorces while close to retirement or even while retired can see their retirement plans go up in smoke. Since you have to split all your assets in a divorce, you could end up with far less money than you anticipated. On top of that, you have fewer years of working to make up for this loss.
If you have already retired at the time of your divorce, the damage is even more pronounced. Your household income has dropped, while cash flow and assets have also diminished. It’s a sad situation that can leave you vulnerable. That’s why it’s important to seek help from a professional. There are financial analysts who specialize in divorces and can help you get back on track financially.
A late-in-life divorce can signal changes that need to be made. If you are close to retirement, you will likely need to work longer and delay your retirement. If you haven’t worked in many years, having to go back into the workforce can be a huge change. Plus, it will be a difficult adjustment. It’s also possible you may need to make a budget and eliminate some expenses so you can make ends meet.
Get Emotional Support
Not only are you going to need financial support, but you’ll need emotional support as well. A divorce can cause a lot of stress, which can lead to physical, emotional and mental issues. A lot of older people feel lonely, especially after a divorce. Therefore, it’s a good idea to join a support group or enlist the help of family members and friends who can be there to listen to you and offer a shoulder to cry on. Therapy, yoga and other forms of relaxation can also be helpful as you navigate through a divorce.
Divorcing at or near retirement age can be a daunting prospect. It can be scary, but don’t make decisions based on emotions. Instead, use good judgment to make solid financial decisions. Life will change and while your finances will suffer, you can recover and live a nice retirement if you are willing to put in the work.
Seek Help for Your Divorce
A divorce can be difficult at any age, but the older you are, the harder it can be to recuperate financially. You may have to adjust your retirement plans and even go back to work.
The Dade City & Zephyrhills divorce attorneys at Madonna Law Group can guide you through the divorce process. We will help you understand what you need to do to get back on the right track financially. To schedule a consultation, call (800) 557-0411 or fill out the online form.