Divorce During Retirement: What are the Consequences?
When you’re approaching retirement, all that you can think about is how you’d be spending the rest of your days not doing anything. Getting a divorce should be the least of your worries, but it doesn’t always work as you planned. The demands of divorce can be overwhelming, and they can come with more obstacles and become more devastating for couples who are approaching retirement.
Sadly, the coming of old age does not mean the golden age of marriage for a lot of couples too. The number of couples applying for a divorce just when they are about to go into their retirement age is growing in number every year. Perhaps the worst part of divorce for those who are in their 50s and 60s is the fact that both may no longer be gathering assets. In fact, most of them expect that the assets they already have will fund their retirement lifestyle.
At the advent of the divorce, the future of travelling together might no longer push through. Living the life of leisure after retirement might not be feasible anymore. The comfortable lifestyle that the couple used to live might no longer be available after the divorce. The pension that one may receive might need to be divided into two and getting only half of the pension might not be enough.
Women who have not been working for years might find themselves in a more difficult situation. Their age will make it difficult for them to find a job and to get only half of the pension that their retired former husband receives might not be enough to survive, at the very least.
Men, on the other hand, might need to continue working hard or find another job to be added to the one they already regularly do to make ends meet. They will need all the extra income they could get to prepare them for retirement. After all, whatever money they have and will receive will be split in two.
Divorce at the age of retirement might require couples to become more adept in budgeting. There is no denying that the challenges that come with divorce can be quite challenging if not daunting for most couples who are approaching retirement. Prudent planning and professional advice are the only way to go. It is important that couples seek legal advice from an experienced family lawyer in Edmonton to secure themselves a more financially stable future.