Filing for divorce in Illinois always causes financial strain, but the burden is even heavier if the couple divorces when both people are in retirement age. When people reach older adulthood, their careers typically start winding down, and they begin focusing on life after retirement. A divorce can throw every aspect of their lives into question. Before long, they might start wondering if retiring after a divorce is even possible.
How can older adults file for divorce without destroying their finances?
When two people file for divorce before they retire, they have to figure out how to divide up their assets and pay the legal fees at a time when they’re already financially vulnerable. One way they can protect their finances is to educate themselves as much as possible. They might want to hire a financial planner or teach themselves how to budget and live off a reduced income.
They should also educate themselves on how much, if any, of their retirement fund will be seized during the divorce. Additionally, they might want to talk to their divorce attorney about their financial situation. The more they know, the more they’ll be able to prepare and protect themselves.
Divorcing individuals might also have to accept that they’ll have to adjust their plans for retirement. They might have to continue working for a few years or delay the time that they start claiming Social Security. They may also have to downsize and start living on a smaller budget.
Where can older couples find assistance when filing for divorce?
Filing for divorce can be especially challenging for older couples. To help them through the process, an individual might wish to hire an attorney. An attorney may be able to help them manage their assets and plan for life after the divorce.