Statistics show that the divorce rate for people over 50 years old has doubled in the last two decades.
Even though they face the same issues as younger people do, they also face another unique one, such as retirement. Many older couples have saved enough to live comfortably when retired, but can they live comfortably on half of their savings?
If you are reaching retirement, the following are some helpful tips to keep in mind:
- Understand how social security works for you – do you want to enjoy the benefits you are
entitled to or do you want to receive half of your former spouse’s benefits? - Revisit your retirement plans – Is traveling still important to you? You may not be able to
afford to do that have divorce. - Stay out of court – Try to settle your divorce outside of court; you may end up with a better
settlement. - Separation instead – It may be more beneficial to you to have a legal separation instead of
divorce. Your retirement income may stretch further this way. - Be flexible – Allocate your assets differently instead of splitting them in half. Take a lump sum
payment instead of monthly support payments.
If you are facing complexities that are difficult for you to handle, it may be a good idea to seek out a qualified family law attorney who can guide you to the best solutions for your situation.
Call the Orange County family law offices of Amy M. Montes for the help you need.
