Getting divorced later in life presents unique challenges compared with divorce in one’s 30s or 40s. Divorce mistakes made at any age can no doubt be costly, but individuals who are older than 50 years of age do not have much time to bounce back from those mistakes financially. For this reason, hiring a competent financial advisor and an attorney in Missouri is critical for those who are going through a divorce at an older age, also known as a gray divorce.
The challenges of a gray divorce
Older individuals who are getting divorced may end up seeing their retirement savings reduced by 50 percent. These savings include funds in their 403(b), 457, 401(k) and pension plans. If they have not earned much during their careers, they may not be able to restore their lost funds between now and when they reach their golden years.
In light of this, it is critical that individuals who are getting divorced at older ages lean into their finances early on in the process. Their financial advisers can help them to understand the various implications of alimony payments, options for pension payouts, Social Security payments and property division. Then, their advisers and attorneys can help them to make personally favorable decisions regarding these divorce matters.
Experienced legal support can make a difference
Going through a divorce in Missouri can understandably be challenging for individuals at all life stages and income levels. However, understanding the divorce process early on and developing a plan for tackling divorce issues quickly and efficiently may make navigating this type of legal proceeding less stressful. An experienced attorney can help a divorcing spouse to pursue the best possible outcome given the unique marital situation and move on toward a brighter future.
