Will the end of your marriage signal an end to retirement plans?

If you have made the choice to move forward with divorce later in life, you likely have many concerns about how this decision will affect your future. What will happen to your long-term savings? Will you have to change your retirement plans? These are just a few issues that can influence your long-term financial stability.

The end of your marriage does not necessarily have to bring about the end of your retirement dreams and other plans you have. With planning and a fair divorce settlement, you can look forward to your future with confidence. An essential part of this is to know what to expect, have reasonable expectations and know how to fight for a beneficial property division order.

Important considerations as you move ahead

Divorce, especially for those over the age of 50, is an emotionally challenging process. It is not always easy to make decisions that will be truly beneficial well into the future. As you think about important financial concerns and work to move forward in your pursuit of a final order that will truly work for years to come, it may be smart to consider the following financial information:

  • As long as you meet certain qualifications, you could have a claim to Social Security benefits because of your spouse's record.
  • If dividing a pension plan, you may need to draft a Qualified Domestic Relations Order, which outlines how and when the other spouse can take assets out of the account.
  • It may be possible for you to retain the same health care benefits for a limited amount of time after your divorce.

These are a few of the critical financial issues that can affect your future after your divorce is final. If you are over the age of 50, you have less time to rebound financially after divorce before retirement, but you do not have to navigate these complex challenges alone.

Think carefully about your future

The financial aspects of divorce can be particularly difficult for those who are older and have more retirement and long-term savings. The stakes are high, and you would be wise not to go through this process alone.

If you are considering this important legal step, you may find great benefit in first seeking a complete evaluation of your case with an Arizona family law attorney. This can help you understand the legal options that are available to you and help you make decisions that are prudent and smart for your future needs.

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