Planning ahead can help when divorcing during retirement

On Behalf of | Oct 16, 2019 | Uncategorized

You may be someone who has become more vocal about what you want in life as you have aged. Now that you are reaching your retirement years, you may feel that the time has come to make some major changes in your life in efforts to live more happily. In particular, you may feel that the time has come to end your marriage.

To some, it may seem like an unnecessary upheaval to go through divorce while also retiring. However, if you are unhappy in your marriage and feel that ending it is for the best, it may not seem unnecessary to you. Certainly, you understand that a lot of changes will occur and that there is a chance for financial upset, but you also know that you can plan ahead.

What should you focus on?

Though getting your financial affairs in order is an important aspect of getting divorced, you may want to take some other factors and actions into consideration as well. The following suggestions may help prepare for your upcoming case:

  • Go over your retirement benefits: If you have not yet retired but are close to it, you may want to go over the retirement benefits you may receive from your job, such as a pension. Looking into your Social Security payments and how divorce could affect them is also wise.
  • Talk to your children: If you divorce near retirement, it is likely that your children are already grown. Still, they may have concerns about your divorce, and communicating with them may help everyone understand.
  • Think about property division: Do you want to keep the family home or sell it? You may not have much desire to keep the home, and if not, you may need to negotiate a buyout with your soon-to-be ex or find another way to address the property.
  • Consider the possibility of alimony: The possibility of alimony exists in many divorce cases, and you may want to know ahead of time whether you could have to pay.

You may look forward to your golden years, and though you are starting them off with a divorce, it does not mean that they will be filled with difficulties. Planning ahead and gaining information on how Indiana divorce laws will affect your circumstances may allow you to have a firm grasp on your future.

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