A divorce late in life may affect retirement in New Jersey | Lane & Lane, LLC
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A divorce late in life may affect retirement in New Jersey

The end of a marriage can be a difficult period in a person's life. A divorce can often lead to emotional and financial struggles. The emotional part may be overcome with time, but financial hardships can be more difficult to manage. This may be especially crucial for a person who is divorcing late in life, which may have a negative result concerning retirement. Those in New Jersey who are in a similar situation consider their financial future important, and typically take steps to secure it.

Studies show that as many as half of marriages in recent years end in divorce. Most couples never plan for this to happen, and are often caught off guard when it does. Having little knowledge of the process can make the situation much more difficult to manage. By seeking legal counsel, a person may be able to prepare for the situation and obtain a more favorable outcome.

The end of a marriage can be increasingly difficult as people get older. Many older couples have one person who handles finances for many years of the relationship, leaving the other unaware of current financial situations. This could lead to a less equitable portion during proceedings, which can be detrimental when facing retirement. Many people who have found themselves in a similar situation are forced to work years beyond what they had previously planned.

Divorce is difficult for a lot of people, but with proper planning, it does not have to be detrimental to the future. Securing finances when closing in on retirement is important factor for many older individuals who are facing a similar situation. A person in New Jersey may often choose to consult an experienced family law attorney for advice on how to obtain the best overall outcome given his or her current situation.

Source: marketwatch.com, "Money lessons from a divorce: How to be smarter with your finances", Alessandra Malito, Feb. 11, 2017

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