Divorce can be costly for Americans who file for a divorce at a later stage in their lives, as it puts their retirement fund and their health at risk.
Putting Things in Perspective
The Holmes-Rahe Stress Inventory ranks divorce second in the most prominent stressor for people. While the divorce rate generally fell in the country, Pew Research Center said that it has doubled for people who are 50 years old and above. Financial security during the twilight years becomes a significant concern for them, as divorce will affect their retirement savings.
If you live in Washington, Feldman & Lee PS noted that the cost of hiring a divorce attorney in Marysville might be less expensive than finding legal counsel from a Seattle-based law firm. You should try to speak with at least three lawyers before choosing the right one to handle your case. This not only allows you to compare rates, but also gain insights from different people to put things in perspective.
Remember that you may be unable to think clearly because of the divorce, so having the guidance of a financial adviser will help in rationalizing your choices. Researchers from the Bowling Green State University said that even people in their 70s might still want to be separated from their partners.
Hence, be conscious about planning your finances when you transition into singlehood. While speaking with a lawyer is important, don’t start negotiations without consulting with a financial expert. They should also help in determining how you’ll be paying your taxes after the divorce.
Divorce deals a huge emotional blow to anyone, but the impact becomes more pronounced for people who are nearing retirement. Their financial security becomes at risk unlike younger people who still have time to start anew, so finding legal and financial help will be important to make your life post-divorce as easy as possible.