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Older divorcees should be concerned with retirement

After children leave the nest, many older married couples in Jersey City, New Jersey, begin contemplating the value of their marriages. This is apparent in the divorce rates for people above the age of 50. This rate is much higher now than it was 20 years ago. Experts have dubbed this increase as the "gray divorce." An increasing number of divorcing couples have different factors to consider when going through the property division process. This is a new development in family law and people going through the process should be aware of this new reality.

The most important thing for people involved in a gray divorce to remember is retirement. In many cases, married couples save for retirement together. When divorce happens, though, the tackling of retirement suddenly becomes a solo project, and understanding this is important to realizing what you will need out of the property division process. This means paying attention to the types of assets you are receiving in the split. For instance, automatically assuming the home will be a better grab than some form of liquid asset is a mistake. The home may be valuable, but it may also be impossible for you to maintain, both mortgage- and maintenance-wise.

Instead of letting your emotions speak for you - many people are attached to the home they have lived in for years - try to get a diverse array of assets and accounts. By sharing different types of accounts, you put your eggs into different baskets and do not risk it all. Be sure to pay attention to detail, especially when looking at the retirement accounts. Not all retirement funds are created equally. Different ones have different tax implications, and this could mean that you are getting a smaller or larger cut than your spouse if the settlement doesn't address such factors. Legal experts can be extremely valuable during this process, as they are often much more capable of understanding the implications of selecting certain assets over others.


Source: 
Huffington Post, "4 Divorce Mistakes That Can Derail Retirement" Marilyn Timbers, Aug. 27, 2013

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