• Alan Jacobs

Divorce After 50 Can Destroy Even the Best Retirement Plans


The phenomenon of late-life divorce is growing fast -- and blowing apart a lot of divorcing spouses' retirement plans in the process.

According to this article from the Washington Post, between 1990 and 2010, the divorce rate among individuals 50 and older doubled, In part because of increased longevity, late-life breakups now account for one in four divorces. And they can destroy even the best financial planning.

"Most couples plan for retirement on the assumption they will be living together. When that assumption falls apart, it's not just a division of wealth but a doubling of the costs that makes both partners poorer," said Annamaria Lusardi, an economist at George Washington University.

Sometimes that might mean your first call should be to a financial planner or an accountant rather than a divorce lawyer. A financial expert can help you understand what's at stake. "Try to peel away the money from the emotions and try to understand the outcome you're going to achieve and how that's going to launch you into the next stage," said Jennifer Failla, a divorce financial analyst and mediator at Strada Wealth Management. She notes that going through mediation to obtain a divorce can save money, too.

#Divorce #Finances

7 views0 comments

Recent Posts

See All

What Happens to Co-Owned Property Upon Divorce?

Married people need to know that, upon divorce, by operation of law, they no longer own their home as tenants by the entirety. Upon divorce, their ownership interests automatically converted to tenanc

How Therapy Can Benefit Children Of Divorce

How divorce affects children of divorce is well documented. Although the amount of parental conflict kids are exposed to is more harmful than the actual event of divorce, the fact is that dealing with

52 Haynes Avenue, Falmouth, MA 02540      508-566-4159

 

© by Alan Jacobs  Photography © Paul W. Bailey