Getting divorced in Missouri can be tricky at any age but especially for older individuals nearing retirement. This is because they do not have as many years to financially recover from the divorce process as younger divorcing individuals. Here are a couple of tips for navigating a divorce later in life, also known as gray divorce.
Dealing with finances during a gray divorce
An older individual going through a divorce should ideally develop a plan for generating income after the divorce rather than relying on the other party for spousal support. These days, court-ordered spousal support is becoming less common. Instead, spousal support is more commonly part of today’s settlement agreements.
If a person has been married for a decade or more and has reached age 62, he or she may collect benefits from Social Security based on the other party’s earnings if these earnings are higher than his or her own. However, part of these benefits might be taxable. Divorcing individuals may want to create post-divorce budgets reflecting their expenses to determine how much income, Social Security benefits and/or retirement savings they will need to support themselves financially.
How a family law attorney can help
A family law attorney in Missouri can help an individual make informed financial decisions during the divorce process, such as those related to asset distribution, debt division and spousal support. The attorney may help the individual pursue a fair and comprehensive settlement with the other party or represent the individual at a divorce trial if no agreement can be reached outside of court. Either way, the attorney will seek the most personally favorable outcome for his or her client.