No matter how old individuals are when they get a divorce, it can be a process that negatively impacts them financially and emotionally. For California residents who are at least 50 years old, getting a divorce can be extremely difficult, particularly if they have had a long marriage and most or all of their assets are tightly tied to their future plans.
The Pew Research Center reports that the rates for gray divorce, or divorce among adults in the United States who are 50 years old and older, are increasing. While second and third marriages present the most divorce risk, a large number of gray divorces tend to occur among the couples who have been married for at least 30 years.
A divorce that occurs later in life can have a catastrophic impact on the retirement success for both parties. Older couples who get a divorce will find that their expenses may remain the same for the most part, but the income that they will have to live on may be half of what it was when they were married. In order to mitigate the negative effect a divorce can have on their financial assets for retirement, older individuals can take certain steps.
It is important that decisions they make regarding finances are not based on emotions. Individuals can be vulnerable during a divorce and feel compelled to maintain a certain image by spending unnecessarily. In order to feel stable and safe, they should exercise caution when spending money.
A divorce attorney may assist older adults involved in a high-asset divorce with retaining the financial assets necessary to ensure that their retirement can be successful. The attorney may litigate to pursue favorable divorce settlement terms regarding the complex division of certain assets, such as retirement assets.