The beginning of a new year brings with it new filings for divorce in numerous marriages. Whether the first part of the year is chosen because people were waiting until after the holiday season or did not want to face Valentine’s Day in a bad relationship, many people in Georgia and throughout the United States look for a fresh start via divorce in January and February. This desire for a new beginning is not solely relegated to newly married couples. The number of divorces for individuals over the age of 50 is increasing.
Often called a gray divorce, the choice to end one’s marriage later in life is becoming more popular. This major event does not merely mean a change to one’s residence, but also to one’s finances. While divorce at this point in life may seem simpler since most do not have to worry about child custody arrangements, the effect divorce can have on retirement savings is anything but simple.
Dividing assets, investments and retirement plans are often the major aspects of divorce for couples over 50. Often, older couples working through this process seem to understand the other’s perspective and attempt to split assets as equally as possible. Amicably dividing assets can ease the stress of the divorce considerably. However, there are complexities involved that can complicate matters. For example, an equal split of a retirement plan or other investment may be of the total amount or only that which was acquired during the marriage.
Financial matters are often stressful, especially when one is attempting to take shared accounts and assets and divide them. Couples in Georgia working through the divorce process have resources available to assist with financial decisions and retirement planning. Getting assistance from someone experienced in this field can help one come away from a divorce with a secure future.
Source: Chicago Tribune, “How divorce after 50 may affect your retirement savings“, Janet Kidd Stewart, Feb. 2, 2015
