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How retirement may change for older adults who divorce

| Jun 5, 2020 | divorce

Divorce in Florida for older adults can involve making new plans for the retirement years. Some people may decide they want to spend some time traveling while others may want to create a foundation or work in the community. Others may need to focus on building up an emergency savings account. Parents may want to ensure they can still offer monetary help to children and grandchildren. The key is for people to determine what their financial needs will be after the divorce.

The first step is to know what they already have and what they owe, both jointly and individually. This may involve gathering documents, such as tax returns, as well as getting appraisals for antiques, jewelry and similar items. Some people may be concerned about a spouse hiding assets, and they may want to consult an attorney about how best to detect or prevent this.

Dividing retirement accounts must be done carefully because there are specific rules based on what type of account it is. When the divorce is final, there are usually some additional steps people need to take. They may need to revise their estate planning documents, search for new health insurance and retitle some assets.

Divorce can be a complicated, emotional process, but some couples might be able to negotiate an agreement out of court. This can be less stressful than litigation, and it gives them control over the terms of the divorce settlement. After decades together, even though they are divorcing, both individuals may be concerned about the financial well-being of the other after the divorce. If there is conflict, they may be able to resolve it using mediation or another alternative dispute resolution method. In situations where litigation is necessary, an attorney may help an individual prepare for the court appearance.