As a person gets older, one thing that generally becomes a bigger and bigger concern for them is their retirement. When a person is closing in on, entering or in their retirement years, major life events can have significant impacts on their retirement plans. One such major life event is a divorce.
A recent Bradenton Herald article outlined some of the things that can cause an otherwise good retirement plan to go off the tracks. Divorce was one of the things that the article pointed to as having the potential to derail a retirement plan.
There is no doubt that the financial impacts of a divorce can be significant. The division of marital property, going from living with a spouse to living alone and other finance-related implications of a divorce can leave a person in a far different financial situation than they were in when they were married and can pose financial challenges post-divorce. These changes and challenges can impact how workable a person’s pre-divorce retirement plan is.
However, this does not mean that an older couple that has become irreversibly estranged has to choose between having a good retirement and getting out of a marriage that has ceased to work. There are things older divorcing individuals can do to try to preserve their ability to achieve their main retirement goals. This includes keeping important retirement issues and goals in mind when addressing major financial matters in a divorce and making appropriate adjustments to one’s retirement plans based on the changed circumstances the divorce causes.
As with any divorce-related issue, proper preparation can be vital when it comes to divorce issues that touch on a person’s retirement. Family law attorneys can help older divorcing individuals here in New York with understanding how the divorce could affect their retirement and with making divorce proceeding preparations that take into account their hopes and goals for their retirement.