As Louisiana residents and individuals across the country continue to grow older, many married parties may find themselves considering whether to end their marriages. Numerous individuals of older ages are going through divorce, and though such a life change at any age could impact a person’s life, older parties may have more financial risks to consider. However, those risks could be calculated and addressed.
Because many individuals who have been married for decades have likely planned retirement and other financial aspects of their lives with their spouses in mind, divorce could throw a wrench into those plans. Therefore, individuals may wish to carefully assess their financial situations and determine what steps to take during the process in order to work toward the best outcomes for themselves. In many cases, having a prenuptial or postnuptial agreement could help individuals avoid considerable upset.
If a prenup or postnup does not exist, individuals still have options. Though the process may seem overwhelming, remaining calm and refraining from making hasty decisions could prove useful. Discussing concerns with financial professionals could help individuals find out more on the tax implications of divorce and property division and other important factors.
In addition to professional financial help, older Louisiana residents may also want to seek professional legal help. Experienced attorneys could help interested individuals determine how divorce could affect their particular cases. Additionally, legal counsel could provide beneficial advice on how to use the legal process to work toward desired goals surrounding property division and other related aspects that could have a significant financial impact.
Source: The Washington Post, “Divorcing late in life? Don’t let it destroy your retirement.“, Martha M. Hamilton, Dec. 2, 2016