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Those 50 and older worried about retirement plans and divorce

On Behalf of | Nov 30, 2017 | Firm News |

There has been a 50 percent increase in divorce among those age 50 and older in the past 20 years. Surprisingly, the national overall divorce rate is on a decline according to most studies; however, this particular age group continues to see an increase. Many older people currently considering divorce in Washington are worried how the process might impact their retirement plans.

It is a valid concern, to be sure, as many people who divorce at age 50 or older wind up borrowing money from their retirement savings to cover expenses related to their divorces. Grey divorce (as it is often called among this age group) does not necessarily have to break the bank. A key to keeping costs low often lies in the type of support one obtains before heading to court.

An experienced family law attorney knows how to keep costs low and can also help alleviate much of the other stress associated with the divorce process. Things can get pretty messy in court when couples who have been married for three or more decades try to find solutions to problems related to assets, finances, real estate or retirement plans. Most experienced attorneys are also highly skilled negotiators, which can be a great asset to have on hand in such circumstances.

Retirement plans are often essential to making ends meet and maintaining the lifestyle to which one has grown accustomed through the years. Anyone in need of guidance as to how to obtain a divorce without suffering substantial retirement debt may discuss the topic with a Washington family law attorney. Every situation is different, and an experienced attorney can review an individual case and help determine how best to proceed to protect a particular client’s best interests in court.

Source: Forbes, “The Five Most Taboo Topics In Retirement: #4 Divorce“, Robert Laura, Nov. 20, 2017