Is a strong financial future possible after a divorce?

On Behalf of | Mar 3, 2021 | Family law

The decisions made during the process of ending a marriage will impact a North Carolina spouse for years to come. Divorce will bring significant financial changes to both parties, and it is likely that adjustments in lifestyle will be necessary as well. Preparing for these changes is key, and knowing what to expect can help one make choices that will make sense long-term, laying the foundation for a strong post-divorce future.

Divorce is especially financially harmful for two people who are older. When an individual reaches retirement age, there is a reduction in income, and most retirees live off what they’ve saved over the course of their career. Since divorce requires the division of all marital assets, including long-term savings, it can greatly reduce the resources and opportunities available to a spouse.

In addition to having less money for retirement, a spouse will also have to face additional housing costs. A divorce may mean a move to a smaller home or more affordable area, especially if the spouse intends to retire in the near future. There may be additional financial challenges for a North Carolina spouse who will have to make regular spousal support payments.

The financial repercussions of a divorce are significant, especially for an individual who is approaching retirement age or already retired. This is why it is important for an older individual considering this step to work with an experienced family law attorney from the very beginning of this process. Knowledgeable guidance is crucial when making decisions that could impact immediate and future financial interests.