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Prepare for financial impacts of divorce during retirement

On Behalf of | Oct 14, 2019 | Family Law |

As Washington residents age, they will face many changes in life. For some, a major change could be ending a long-time marriage during their retirement years. Because divorce can have major impacts on a number of areas of a person’s life, it is important to consider those possible impacts, especially when it comes to finances.

Finances during retirement differ greatly than when individuals are still working and generating a regular income. Because most retirees live on a fixed income, divorce could throw financial affairs off track for individuals who end their marriage during this time in their lives. If this event is taking place, individuals would be wise to look into their Social Security payments and other retirement benefits to determine how they may be affected.

Another aspect worth considering is whether a person wants to keep the family home. Though some sentimental attachment may exist, it is important that individuals consider the implications of keeping the home, including those related to taxes. If selling the home is a desired option, there may be some negotiation necessary, especially if the other party has an objection.

Many people look forward to their retirement years, and divorce does not have to spoil that time in a person’s life. However, in efforts to lessen the likelihood of financial difficulties resulting from ending a marriage, it is important that Washington residents fully assess their particular cases and available options. Discussing these matters with knowledgeable family law attorneys could help concerned individuals find the best paths for addressing these issues.

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