Our Blog Aims to Inform the Community Contact the Columbia Family Law Group with Any Questions You Might Have

Managing a divorce and retirement

More and more people in Missouri and beyond are divorcing later in life after decades of marriage. Dividing up marital property can be complicated in these instances, especially if couples are near retirement.

Many people anticipate that they will be enjoying the best time in their lives as empty nesters only to realize that they are no longer happy with their partner. From 1990 to 2010, the number of people choosing to pursue a divorce over the age of 50 doubled.

Divorce at any age can be difficult. However, it becomes increasingly more difficult the older people are. That's because funding two separate retirements can cost between 30 and 50 percent more.

"You have the same pool of assets that has to sustain two sets of retirement," one financial planner said. "It can undermine good planning. You can have a well thought-out plan, and it will be undercut by divorce."

People who choose to divorce later in life may need to push back retirement by a few years in order to save up more money. In addition, people may need to adjust their lifestyles so that they have enough money put away for retirement.

People in Missouri and others elsewhere may find it beneficial to work with professionals as they go through the divorce process. For instance, working with a financial planner may be a wise choice.

In addition, as with any type of family law issue, people would be best served working with an experienced attorney. An attorney will work on behalf of their client to be sure assets are divided up in a fair and equitable manner.

Source: USA Today, "Boomer divorce: A costly retirement roadblock," Rodney Brooks, Feb. 26, 2013