The dissolution of marriage later in life is a causing more individuals to be single during their retirement years. Being single can certainly be an emotionally stressful experience, but it can also be a financially overwhelming one. A couple of tips may help those going through divorce in Massachusetts to protect themselves financially, especially if their golden years are quickly approaching.
First, actively managing and planning for the future is paramount, whether investing and retirement planning are personal interests or not. That means developing a solid understanding of auto loans, student loans, credit card debt, mortgage balances and assets. This is particularly important for divorcing spouses who have relied on the other party to handle the finances of the marriage up to now.
During divorce, calculating potential post-divorce expenses and income is another important step. After all, many divorcees find that their household incomes drop significantly once their marriages end. With divorce, the challenge is to determine how to make the most of what remains after significant assets, such as the home and retirement funds, are distributed. It may be necessary to secure a better-paying job or even to work part-time during retirement to stay financially afloat following a marital split-up.
Divorce in Massachusetts is a multi-faceted process that involves many moving parts, which is why it is complicated. However, an attorney can offer the guidance needed at divorce trial or at the negotiation table depending on the circumstances surrounding the split-up. The attorney’s aim is to ensure that one’s rights are protected during all stages of the divorce proceeding.
Source: investopedia.com, “7 Steps to Being Prepared to Be Single After Retirement“, Katie Moore, Dec. 1, 2017