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Getting a divorce later in life can drastically impact finances

The dissolution of marriage at any age, for those in Massachusetts or elsewhere, can be emotionally and financially challenging. Unfortunately, for one who gets a divorce later in life, the impact on finances can be particularly drastic. For this reason, seeking the best possible settlement terms is in one’s best interests.

Divorce is often approached from an emotional standpoint. However, if at all possible, emotions need to be removed and logical thinking needs to prevail. Those who let their emotions rule divorce proceedings often end up with less than that to which they are actually entitled. For those going through this process later in life, this can have an extremely negative impact on retirement years.

In order to make sure the best possible settlement is achieved, it is important for both spouses to supply a full list of assets for review. By doing so, both sides will have the ability to review property that may be divided and discuss with their legal teams and financial advisers the positive and negatives of dividing certain assets. This also gives both parties the ability to ensure that all assets have been fully documented. Unfortunately, it is not uncommon for some spouses to purposely exclude financial accounts or other valuable property in hopes of avoiding losing them in divorce.

When seeking a divorce, along with ensuring assets are accounted for, spouses who may be eligible for spousal support can seek assistance from legal counsel to ensure they are receiving the maximum amount to which they may be entitled. Between alimony and a fair division of property, it is possible for those in Massachusetts who are divorcing later in life to move forward more financially prepared for the years ahead. In some cases, such settlements may be achieved through out-of-court negotiations, while others may require litigation.

Source: U.S. News & World Report, “Gray Divorce: What Women Who Divorce Later in Life Need to Know“, Debbie Carlson, July 21, 2016

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