Divorce at any age is challenging, but a gray divorce could create financial havoc for those involved. This is because gray divorce, loosely defined as a divorce involving spouses over the age of 50, may leave an individual with little or no time to rebuild financially. Here are a couple of tips for rebuilding one’s retirement plan following divorce in Missouri.
Saving money after later-in-life divorce
Individuals going through gray divorce would be wise to create new retirement savings plans right away. These plans should ideally include replenishing their savings by saving money aggressively. This is necessary because following gray divorce, two people may encounter more expenses, including the costs of new homes or new medical insurance.
One way for individuals to rebuild savings accounts following a divorce after age 50 is to resume working or consider getting a second job. Alternatively, they may want to determine if they can live off alimony alone, in which case they may want to pursue alimony in the divorce proceedings. In this situation, they may have to adopt a lower-cost lifestyle, such as selling their larger homes and replacing them with smaller homes.
A family law attorney can help
Navigating the end of a marriage can be complicated, financially and legally. For this reason, individuals pursuing divorce may benefit from consulting a family law attorney in Missouri. An attorney can help a client seek a fair and comprehensive settlement with the other party while tackling divorce matters such as property division, alimony and child support. The lawyer’s focus will be to protect the client’s best interests and applicable legal rights during all phases of the proceeding.
