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Retirement considerations in a divorce

by | Nov 18, 2016 | Divorce |

While half of all marriages no longer end in divorce, adults over the age of 50 are more likely to divorce than in previous decades. New Jersey who are near retirement and considering divorce may want to think about keeping their retirement accounts safe.

At this point, people may be earning at a high income level and may have built up a substantial number of assets. With financial security in reach, some people may be worried about jeopardizing it. It is important that people who are considering divorce review their financial situation and take a look at their income and expenses. They should keep in mind that some of those expenses, such as car insurance, may go up after their divorce. Income may drop as well, and people may need to consider taking a second job. They should also beware of making mistakes like keeping the family home when they cannot afford the payments and upkeep.

Another consideration is putting off the divorce if there are financial reasons for doing so. For example, after 10 or more years of marriage, one spouse may be able to draw Social Security benefits on the other’s contributions. Medicare eligibility may be another consideration if one person might lose health insurance.

Financial security may be a concern for people of all ages who are getting a divorce. While older adults may worry about retirement accounts, younger adults may be concerned about child support. If one spouse has been home with the children for years, they might need education or retraining before they can go back to work, and spousal support might be necessary during this time. In a divorce over irreconcilable differences, people may want to try to negotiate property division with the help of their attorneys instead of going to court.

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