Financial concerns are always an issue in any divorce. However, those concerns are amplified for those nearing retirement. This is because there are more life-changing consequences for Baby Boomer divorcees. The number of divorcees involving people in their 50s and 60s is expected to increase, as these people age, and desire changes in their lives. Baby boomers must be prepared for some undesirable consequences of their divorce, which are mainly financial in nature.
One of the big issues that must be decided when a couple in their 50s or 60s is getting divorced, is how to divide the retirement fund. Most people operate under the idea that the retirement fund is now to be split into half to finance the expenses of two separate individuals living separately. That can be a challenge because this was a fund that was initially intended to manage the living expenses of a married couple living together. Plus, any good attorney will tell you that’s not always the case anyway.
Baby boomers must be prepared for some undesirable consequences of their divorce, which are not just financial in nature. While the division of the retirement fund is one such consequence, you need to consider the possible implications for your lifestyle. You may need to temper your expectations for your life after retirement, or get used to the idea that you may have to work a little longer for the retirement you desire. That means a delayed retirement.
But wait, there’s more. When a couple is over 50, the odds are high that the divorcing couple will also have children. Children who may not be necessarily too happy that you are getting a divorce. In fact, I’ve seen families ripped apart over this. Children take sides. And, what’s worse, there are plenty of husbands and wifes that will use their children to get back at their soon to be ex husband. I’ve represented more than my share of them. I urge my clients to be mindful of the emotional consequences of divorce, especially with the children.