The process of getting divorced in New Jersey can be financially and emotionally difficult for any couple regardless of their age or how long they have been married. However, an older couple may experience a few more financial obstacles, such as having to split substantial retirement savings. A couple of tips might help individuals who are going through divorce late in life to protect their financial interests.
First, it is wise for people to make sure that they have enough money to retire comfortably following their divorce proceedings. According to research, older individuals will most likely not recoup divorce-related financial losses. This is especially true for women who did not work outside of the home for several years. It is important for people to reassess all of their options according to what their settlements are, which might mean delaying retirement, downsizing their homes, selling their vacation properties or going back into the workforce.
It is also wise to focus on how one's health needs will be met during retirement. After a person is divorced, he or she cannot remain on the health insurance plan of his or her spouse's employer. However, long-term care insurance may be helpful since it can cover the costs associated with being in an assisted-living facility or receiving care at home.
The divorce process requires a person in New Jersey to make several important decisions affecting his or her finances long term. Appropriate legal guidance can help people approach these decisions with the big picture in mind. If two individuals are able to see eye to eye when it comes to how to handle their assets, they may be able reach a settlement without further court intrusion.
Source: cnsnews.com, "Keeping some green in gray divorce", Sarah Skidmore Sell, Sept. 7, 2016