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Things to consider before divorcing near retirement age

On Behalf of | Dec 4, 2017 | Divorce

The types of issues that Virginians face when they get divorced may be more complex for people who are older. While the divorce rate among younger people has fallen, the rate of divorce for people who are over 50 has steadily climbed during the last couple of decades. Older people who are thinking about getting divorced should carefully consider their options before they file.

People who get divorced near their retirement may find themselves working for far longer than they intended. While they may have saved substantial amounts of money in their retirement accounts over the course of their careers, they will have to divide those accounts with their spouses in their divorces. This may leave people with insufficient retirement account balances and not enough time to accumulate more savings.

Seniors who have already left the workforce and have retired when they get divorced may experience an even harsher financial impact. They may face mounting legal costs at a time when they are no longer earning incomes along with a loss of their retirement savings. Finally, older adults may also want to think about whether or not they will have the emotional support network that they might need once they are suddenly single.

While there are some negatives associated with getting divorced when people are older, some marriages should end in divorce. For instance, marriages that are plagued by domestic violence or substance abuse may need to end. People who choose to divorce when they are older might want to talk to experienced family law attorneys who are familiar with the complex issues that are involved with high-asset divorces and gray divorces. The lawyers may work to minimize the negative financial consequences that their clients might otherwise face. They may work to negotiate settlement agreements so that their clients do not have to undergo bitter litigation in court.