Going through a divorce during any stage of life can be a financially and emotionally difficult time. However, there is an additional level of complexity for those experiencing the divorce process during or near retirement years. Often referred to as a “grey divorce,” a divorce during the senior years requires more financial education, decisions and planning than a typical divorce. For some partners, a divorce may present a challenge to retirement cash flow. For others, a divorce may present the hurdle of entering the workforce for the first time in years. No matter what your specific situation is, if you are facing a divorce during retirement years in Tennessee, then it may be helpful to discuss your future with a qualified and experienced divorce attorney.
Be open-minded and stay educated
During this emotional time, it is important to be open to suggestions and advice from your legal counsel. Protecting your financial future or retirement depends on having realistic expectations and adequate financial education. While a divorce after many years of marriage can feel overwhelming, it is important to make your decisions based on facts and sound legal advice rather than emotions.
Carefully identify assets
A divorce later in life often results in the division of a number of assets acquired over a lifetime. Your divorce attorney may help you identify which assets are separate or marital. An experienced divorce attorney may also help you understand the division of pensions, how your divorce may affect your Social Security benefits, and equitable after-tax divisions of property and assets.
Improve your financial outlook with a dependable professional
A divorce during retirement requires extra care by both the parties involved and their family law attorneys. However, with adequate planning and flexible expectations, your retirement years do not have to be in jeopardy due to a divorce.