Divorce is never an easy decision, especially if you have been married for several years or decades, and you are getting into the “gray” time of life. Questions exist, such as: Where will you live? What will happen to your retirement savings? Will you be able to stay involved in the same activities you enjoy now? These are difficult questions, but you have to ask them, and get answers.
Older individuals face different challenges during divorce, as compared to younger couples. It can be hard to know where to start and how to effectively plan for your soon-to-be future living single.
Follow these tips
Every case is unique and your case should be tailored to your individual needs and goals. The tips below may help you better prepare for you future by protecting your finances, assets, and holdings, and helping you create a plan that will address some of your biggest concerns. Here are some tips to consider when divorcing later in life:
- Your age and your spouse’s age: If one or both of you are still working, think about how long you will need to continue working. If you are not currently working, think about if you will need to start and what types of jobs may be worth pursuing.
- Your living situation: One or both of you will need to move. Think about how important it is for you to stay living in your current home or if it would be best to sell your home. If you own multiple properties, it is important to consider how they will be divided.
- Your retirement and other investment plans: Do not forget how your divorce will affect your retirement. In Utah, retirement and investment accounts will be divided equitably between the two of you. This could have a significant impact on your lifestyle in the future so it is best to be prepared.
- Your adult children: While you will not need to discuss child custody and support matters, you will still need to have a conversation with your children about your divorce. This is an important discussion to have in order to protect your relationship with your children so do not take it lightly.
- Your estate plan: Do not forget to review and revise your estate plan, including your will, power of attorney and other estate planning documents. You will also need to change your beneficiaries on any financial documents such as life insurance plans, pay on death accounts, or other similar entities.
Your life will change in many ways after divorce. Planning for your divorce now will help you create a better future for yourself as well as reduce the stress and concerns involved with the divorce process. In addition to thinking about these issues before you start the divorce process, it is best to consult with a divorce attorney about your specific concerns and what next step to take.