Divorce later in life can have major financial impact

The dissolution of a marriage in New Jersey can unfortunately derail even the most perfectly created retirement plan. This is especially true if the divorce happens late in life. After all, those who go through a marital breakup when they are older have less time to recover financially.

During divorce, two things typically happen that can complicate an individual's financial situation. First, the two spouses must split their assets. Second, they may end up doubling their expense footprint, as they now have to maintain two separate households using the assets they had spent their lives building. This can be financially devastating.

The rate of divorce for individuals who are 50 years old and older is two times what it was in the 1990s. In addition, research shows that back in 2015 a total of 10 in 1,000 married individuals ended up getting divorced. The number of gray divorces, or divorces among older individuals, was even greater among those who were in at least their second marriages.

Fortunately, some steps can be taken to get one's retirement plan back when divorce is inevitable. First, two spouses may want to work together to create a mutually satisfactory agreement through divorce negotiations or mediation. The aim of these processes is to help divorcing couples to experience win-win situations when it comes to matters such as the division of marital assets. An attorney in New Jersey can offer the guidance needed to make sure that a spouse's best interests are upheld during all stages of a divorce proceeding.

Source: chicagotribune.com, "Gray divorce can have big financial impact", Eileen Ambrose, March 2, 2018

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