More people age 50 and older are choosing to divorce than ever before. Due to longer life expectancy and reduced stigma over the issue of divorce, many older couples are choosing to seek happiness and personal fulfillment in their later years. Illinois readers know that any significant family law decisions made later in life can have a significant impact on a person’s retirement and his or her long-term financial stability.
If not handled in the right way, a divorce can devastate a person’s financial future and dismantle retirement plans. Fortunately, there are a steps an older person can take to keep his or her hopes and dreams for the golden years intact after a divorce. One beneficial step is to take a full financial inventory, including all income streams, bills, liabilities and more. This can help a person adequately understand what is needed for daily living and how soon he or she may need to access long-term savings.
For older individuals, it is also smart not to overlook the impact that the end of a marriage can have on an estate plan. Divorce will require changes to a will, trusts and other important protections already in place, such as life insurance policies. Some people going through a gray divorce may find it necessary to push back their retirement date in order to have more time to save.
Gray divorce is a financially complicated process. With preparation and knowledge of what to expect, an Illinois reader can still look to his or her life after retirement with confidence. An experienced family law attorney can provide crucial guidance as a person makes important decisions that will impact his or her financial future.