Financial considerations for a late-life divorce in New Jersey | Lane & Lane, LLC
Lane & Lane, LLC Lane & Lane, LLC
The Experience To Find Your Solution
Call Today: 908-524-0788
Toll-free: 888-533-9154

Financial considerations for a late-life divorce in New Jersey

For individuals who are experiencing the end of a marriage late in life, one of the most significant concerns might be the impact on finances. A person in New Jersey who is nearing the age of retirement could have spent numerous years planning and saving for the occasion. When a person in this situation is facing a divorce, he or she might want to consider available options and reassess previous plans to secure the best financial future possible.

At a later stage in life, the division of property and assets might be the most significant factor for a divorcing couple. With many of these couples having pensions and investment accounts, the process can be complex. If these accounts are marital assets, they will be included in the process, and knowing how this will impact previous plans will probably be beneficial in the long run. If the split will disrupt previous plans, the couple might consider selling larger assets, such as a house, to attempt to balance out potential financial losses.

Another step that a person may find advisable is updating beneficiaries on certain accounts. These documents may take priority over a will in the event of death, and updating this information may help ensure that assets are distributed to the intended party. Although at the time it may seem like an overwhelming and stressful process, taking the necessary measures might help avoid potential disasters down the road.

Dealing with the intricate nature of a divorce late in life can be extremely difficult to undergo alone. A person in New Jersey who is experiencing such a challenging life event could speak with an experienced attorney for guidance throughout the process. A family law attorney can advise a person on the crucial aspects of property division and assist him or her in obtaining a fair and equitable portion during divorce proceedings.

Source: cnbc.com, "Surviving divorce after 50", Katie Young, Accessed on May 13, 2017

No Comments

Leave a comment
Comment Information