The process of divorce can no doubt be financially challenging to navigate at any age. However, individuals who are 50 years old or older face unique monetary challenges. Here are some tips for softening the monetary blow when getting divorced later in life in Illinois.
Financial tips for those getting divorced after age 49
People who decide to get divorced in their 50s or later would benefit from striving to split their marital assets as fairly as possible. In this way, both parties can walk away from the marriage with their equitable share of the assets, which will make preparing for their soon-coming retirement years easier. However, it is also important for a divorcing individual to avoid taking on too many taxable investments, which will ultimately decrease his or her bottom line. In addition, he or she would be wise to consider how trading retirement funds for marital home ownership could impact him or her long term.
Individuals who are getting divorced later in life may also want to change the beneficiaries for their life insurance policies and investments from their future exes to another family member, for example. Likewise, it is critical that they update their estate documents. They might also want to look into whether they are eligible to draw Social Security benefits based on each other’s work record. This is typically possible if their marriage lasted a decade and they have reached age 62.
Hiring an attorney to help with the divorce process
Because getting divorced can be complicated, it is beneficial for individuals who are divorcing later in life to consult an attorney in Illinois as soon as possible. The attorney can provide guidance regarding how best to address property division matters at the negotiation table. Likewise, the attorney will be prepared to litigate these matters in court, if necessary. The attorney’s ultimate goal will be to protect his or her client’s financial best interests both now and in the years following the finalizing of the divorce.