How to handle divorce before retirement in California

Pierre Domercq Divorce

Research has debunked the idea that half of all marriages will end in a divorce. However, for those who are over the age of 50, the National Center for Family & Marriage Research at Bowling Green State University reported that the divorce rate has doubled since 1990. This is typically when an individual may be thinking about retirement, which means it good planning may be needed to prevent a divorce from sabotaging retirement.
A 2012 report from the Government Accountability Office found that getting divorced or separating led to a 41 percent drop in a women’s income. Men experienced a 23 percent decrease in income after a divorce or separation. Therefore, it may be necessary to find new ways to make money or cut expenses. Downsizing may be an effective strategy, which may mean selling a marital home as opposed to keeping it for sentimental value.
It may also help to take social security benefits or start opting for investments that generate a yield as opposed to growth over time. Those who have been married for close to 10 years may want to delay getting divorced as it could allow an individual to qualify for Social Security based on a former spouse’s work record. Waiting until age 65 allows an individual to qualify for Medicare as opposed to using COBRA coverage.
When an individual gets a divorce, he or she may have several issues that need to be resolved before the case can be settled. An attorney may help by answering questions related to spousal support, child support or child custody. Legal counsel may also help spouses get their fair share of marital property, which may include a marital home, cars or money inside of a retirement account.