The majority of couples in Missouri do not enter marriage with the expectation of getting divorced. However, especially for spouses getting closer to retirement, getting a divorce is increasingly becoming a reality. The rate of divorce for those couples older than 50 is actually two times higher than it was back in 1990.
One of the most important steps to take when navigating a divorce later in life is to manage one's emotions. With divorce naturally comes the feeling of emotional loss, pain and stress. This may lead to lost productivity on the job, which may impact one's ability to put away extra money for retirement -- a necessity for those near their golden years. For this reason, taking time off work to deal with mental and emotional health matters may be expedient.
Second, taking into consideration new expenses following a divorce is essential, as these expenses will also impact one's ability to set aside money for retirement. Such expenses include alimony or even child support for those whose children are still under 18, for example. Having a smaller household income may also make it harder to save as consistently or aggressively for retirement following divorce.
Divorce can have long-term emotional and financial impacts. Unfortunately, making the wrong decisions during this type of family law proceeding may be costly and hard from which to bounce back. An attorney in Missouri may help to ensure that one's rights and wishes are upheld when tackling complicated matters such as alimony and the distribution of marital property, including retirement assets.
Source: forbes.com, "Does Divorce Derail Retirement?", Larry Light Log, July 24, 2017