Unfortunately, marriage today doesn't always mean til death do part. Some couples who have been married for years find themselves in the untenable situation of having to discuss divorce. Connecticut couples who are aged 50 and over and who are facing a life-changing event may be wondering how divorce will affect their retirement plans. The fact is, since 1990, what is known as gray divorce has doubled; in those circumstances, it seems the longer a couple was married, the more retirement might be affected.
Retirement plans for individuals after divorce definitely may look different from when a couple was married. Gone is a shared home, joint assets and retirement plans. Saying so long to working days may have to be thought about differently after divorce. Living life as a single can be much more expensive than sharing finances with a spouse. Income may be chopped, but the bills will still come, so the first question to answer is can each individual retire when first planned.
If one spouse is paying alimony to his or her former spouse, that also plays a large part in the retirement scheme of things. This may cut into savings or put a damper on how much can be socked away for retirement. There may also be a need to reassess plans once retired. Perhaps buying a timeshare in Bora Bora may no longer be feasible.
There is no doubt that divorce later in life might change the look of retirement. But with legal guidance, Connecticut residents may still be able to live the life they'd hope to live post-divorce. With solid, practical advice from an experienced attorney, those who divorce in their senior years may still be able to have a comfortable retirement.
Source: Forbes, "Does Divorce Derail Retirement?", Larry Light, Accessed on March 10, 2018