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The challenges of divorcing after retirement

On Behalf of | Oct 3, 2023 | Divorce

Divorcing anytime in one’s life can be challenging but divorcing after retirement in New Jersey can have some unique financial implications. Divorcing later in life, especially if the marriage was a lengthy one, can also cause much emotional strain. When a couple divorces after retirement, they may have many assets that must be divided and retirement benefits must be dealt with based on the laws of the state and the couple’s financial situation.  

Preparing for a post-retirement divorce 

When one divorces after retirement, one may find themselves depleting funds that were supposed to pay for life expenses after one stopped working. Divorces can be expensive, and some retirees find that they must sell assets to be able to afford to pay for everyday living expenses. In some cases, one party may be ordered to pay spousal support to the other party, which can also quickly deplete savings.  

Divorcing later in life often means the couple shares many joint assets, which may include real estate and other valuable items. Unless both parties can agree to a method of separating these assets, the court will intervene to provide guidelines on how assets will be divided. This process can be quite stressful, especially in situations where the relationship is not amicable.  

Seek help when divorce is inevitable 

When someone knows that divorce is inevitable, it’s best to consult a New Jersey family law attorney in a timely manner. An attorney can provide guidance on how best to proceed forward with matters like spousal support and asset division. While divorce is usually never a pleasant experience, one can find peace of mind in knowing they have a knowledgeable attorney in their corner during the process.