Divorce During Retirement Usually Leads to Retirement Money Being Cut in Half
Another thing you need to prepare for when going through a divorce during retirement is a reduction in your retirement fund. Regardless of if your spouse was at fault for the divorce, they will almost always be awarded half of your retirement fund and other similar assets. In some cases, you may be able to offer more of your retirement money to your former spouse to avoid paying a high rate of alimony. Consulting with your lawyer is essential when trying to make these types of complicated decisions.
Taking the Home in a Divorce During Retirement? Be Prepared to Give Something Up!
In a divorce during retirement, the courts will usually do their best to split all assets as evenly as possible. This means that if one of the parties in the divorce gets the house, they will need to be prepared to give something else up. Before fighting too hard for the home you shared with your former spouse, you need to consider the potential downside. If you are unsure about what to do, working with your lawyer is essential. Your lawyer will be able to look at this situation from an objective standpoint and help you make the right decision regarding which assets to go after.
Use Divorce During Retirement as a Learning Experience
After the smoke has cleared and your divorce is finalized, you need to look at it as a learning experience. If you lose a lot of money and assets in a divorce, you need to view this as an indication that the next time you get married a prenuptial agreement is smart. With a prenuptial agreement, you can protect yourself. If you are going through a divorce and need legal advice, contact the team of attorneys at Hardesty, Tyde, Green, Ashton & Clifton, P.A. by calling 904-414-4906