Did you realize there are over 813,000 divorces in this country on a yearly basis? The emotional and financial trauma that can result from a result from the dissolution of a marriage can be quite significant. If you are getting a divorce during retirement, you may find yourself coming to grips with the hardships you will face. Rather than trying to go through this difficult process alone, finding a lawyer to help you out is a must. A lawyer will be able to inform you of your rights and assist you in coming up with a game plan of how to handle the impending divorce proceedings. Here are some helpful tips regarding handling a divorce during retirement.
Alimony Is Generally Granted With a Divorce During Retirement
Usually, couples who have only been together a short time will have temporary alimony agreements. These temporary agreements are designed to help a recently divorced person get back on their feet before their financial stability is taken away. If you have been married a long time, you are probably going to have to pay alimony for a long period of time. The best way to iron out the details of the alimony you will have to pay is by working with your former spouse in mediation. An experienced divorce lawyer will be able to help you negotiate a reasonable alimony payment that works for all parties involved. Working out as many of the details of your divorce during retirement in mediation can save you and your former spouse a lot of time and stress.
Divorce During Retirement Usually Leads to Retirement Money Being Cut in Half
Another thing you need to prepare for when going through divorce during retirement is a reduction in your retirement fund. Regardless of if your spouse was at fault for the divorce, they will almost always be awarded half of your retirement fund and other similar assets. In some cases, you may be able to offer more of your retirement money to your former spouse to avoid paying a high rate of alimony. Consulting with your lawyer is essential when trying to make these types of complicated decisions.
Taking the Home in a Divorce During Retirement? Be Prepared to Give Something Up!
In a divorce during retirement, the courts will usually do their best to split all assets as evenly as possible. This means that if one of the parties in the divorce gets the house, they will need to be prepared to give something else up. Before fighting too hard for the home you shared with your former spouse, you need to consider the potential downside. If you are unsure about what to do, working with your lawyer is essential. Your lawyer will be able to look at this situation from an objective standpoint and help you make the right decision regarding which assets to go after.
Use Divorce During Retirement as a Learning Experience
After the smoke has cleared and your divorce is finalized, you need to look at it as a learning experience. If you lose a lot of money and assets in a divorce, you need to view this as an indication that the next time you get married a prenuptial agreement is smart. With a prenuptial agreement, you can protect yourself. If you are going through a divorce and need legal advice, contact the team of attorneys at Hardesty, Tyde, Green & Ashton, P.A. by calling 904-249-9030.