Kathy D. Sheive Attorney at Law

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Will gray divorce completely derail your retirement plans?

Your divorce will certainly bring significant financial changes to your life, and you may have serious concerns about what your financial future will look like. These are reasonable concerns, but there are ways you can protect your plans for your golden years. Divorce will bring change, but it does not necessarily have to bring financial devastation.

If you are a Florida reader over the age of 50, you are looking forward to retirement. If a late-in-life divorce is on the horizon, you may find it beneficial to seek knowledgeable guidance as you work through this process and seek an equitable divorce order. With help, you can protect your plans for the future and continue to look forward to your retirement years.

How can you navigate this process?

Divorce will essentially split your assets, especially if you have been in your marriage for a long time. While the financial impact of the divorce may sting, you may be able to intentionally work for a reasonable final order. Consider the following regarding your gray divorce and its impact on your future:

  • If you will have to pay spousal support, you may consider how these payments will affect your disposable income each month.
  • Collaborative divorce or other methods of dispute resolution can help you come to a final order that is better for both parties.
  • New tax laws will affect alimony payments, and you may consider how to factor this in when negotiating a financial settlement.
  • It is smart to be aware of the factors that could make you eligible for your ex-spouse's Social Security benefits.

There are ways to keep your retirement plans on track, even during a difficult divorce. As you traverse the complexities of extricating your life from your spouse's and pursing a strong future, you may find it especially helpful to seek guidance as you make important decisions that will affect the rest of your life.

Your best future after divorce

It is not easy to walk through this process, especially if you are older and looking forward to retirement. There will almost certainly be adjustments to your plans and perhaps even your divorce timeline, but you can still have a strong and prosperous future.

As you consider your divorce, your retirement and the process ahead, you may find benefit in seeking a complete evaluation of your case. This can allow you to have an explanation of your rights, as well as a better idea of how you can protect your future plans.

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