Managing finances following a later-in-life divorce

When couples in Missouri and across the country walk down the aisle, they likely do so with the intention that they will spend the rest of their lives with the person by their side. However, as life happens and people change, a couple often finds that they are no longer compatible. Though there are likely several factors that impact these numbers, some reports indicate that the divorce rate among people over 50 from the United States has doubled over the last 30 years.

This increase can be because people are living longer thanks to advances in medicine. Also, those who divorce after the age of 50 are often baby boomers who are already on a second or subsequent marriage. Research indicates that those who are remarried are more likely to divorce.

A divorce can create several financial questions, especially complicating the retirement process. As such, those seeking to end their marriage often carefully examine their financial situation. In addition to examining how much money is coming out there is other considerations, including the tax ramifications, whether the person is entitled to Social Security benefits based on a spouse’s work record and special abilities to add catch-up contributions to retirement funds.

There are many considerations when a couple in Missouri is going through a divorce. While there may need to be adjustments made to reduce the amount of money spent and/or increase the amount of money coming into the house, many people agree that making these adjustments are worth it. Once they have made the decision to move on to the next chapter, they often find themselves living happier, more fulfilling lives.

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