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How older folks can financially prepare for divorce

| Jun 5, 2020 | Uncategorized |

Connecticut residents need to be aware of the potential financial impacts of divorce regardless of how old they are. However, the older a person is, the less time that he or she may have to recoup money that was awarded to a spouse in a divorce settlement. Older individuals may also find it harder to reenter the workforce at an advanced age or lack the skills to find work after spending many years or decades at home while married.

Individuals are encouraged to think about how ending a marriage may impact their financial futures. For instance, it may be necessary to delay retirement or tap into an emergency fund to pay legal fees or other sudden expenses. It may also be necessary to use savings to pay for a private health insurance policy or to pay COBRA premiums.

Those who believe that their marriages are likely coming to end in the near future should gather as much information about their household finances as possible. Bank statements, tax returns and other documents can help a person learn more about any joint assets that they may be entitled to as part of a final settlement. It may also help individuals learn more about any joint debts that they are obligated to help pay off after a marriage officially ends.

Individuals who are thinking about ending their marriages may learn more about how to do so by speaking with legal representatives. An attorney may be able to explain how assets will be divided in a divorce settlement and what factors might be considered when determining if a person is entitled to alimony. Those who can’t work or won’t earn enough to maintain a reasonable lifestyle may be allowed to receive financial assistance from their former spouses.