Getting divorced can be challenging for couples of any age, even when both divorcing parties agree on the decision. However, New York couples who are over the age of 50 typically face the extra hurdle of having to navigate their upcoming retirement years not long after getting divorced. Here are a couple of tips for boosting one’s savings late in life following a marital breakup.
Financial steps to take following a divorce late in life
Individuals who are getting divorced in their 50s may be wise to work for a couple of extra years before retiring. This will enable them to save up more money for their golden years, which will be invaluable if they end up spending decades in retirement. In addition, these individuals should ideally keep their retirement money invested rather than relying on it to meet their immediate monetary needs.
Divorcing individuals who are awarded alimony by the divorce court may also want to save as much of this spousal support as possible. This will further help them to boost their retirement funds. Alimony is often awarded when a long-term marriage ends, so it is not uncommon for people who divorce after 50 years of age to either receive alimony or be required to pay it.
Seeking the guidance of an attorney
Although getting divorced in one’s 50s can be overwhelming from a monetary standpoint, an experienced New York divorce attorney may help to make the transition easier in a couple of ways. First, one’s attorney can help a divorcing individual to pursue his or her fair share of assets, including real estate and even valuable collectibles. Second, an attorney can determine if this individual will qualify for spousal support — and if so, how much — in the years following the divorce. An attorney’s chief goal in this situation is to protect his or her client’s rights and financial best interests long-term.