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How can divorce affect one's retirement?

According to a study by the National Center for Family and Marriage Research, the divorce rate for couples over the age of 50 has doubled since 1990. Some may wonder what has caused this trend. Others, particularly those couples in Maryland and elsewhere who find themselves among this group, may wonder how going through with divorce filings will affect their retirement.

It is understandable that, going into retirement years, one will want to having a feeling of financial security. This is something that the majority of older married couples do tend to enjoy. This sense of security is also what researchers believe is behind this increase in later-in-life divorces.

While numerous couples may have been able to achieve financial security throughout the course of their marriages, having to divide everything can quickly change one's personal monetary situation. This is why, before signing just any old divorce agreement, it is important to review how property is to be divided, to determine if one qualifies for alimony and to take stock of current and future income and expenses. Doing all of this can help ensure each party walks away from the marriage with not only a fair settlement, but one that still helps each feel prepared for the coming retirement years.

When heading into retirement, the thought of taking a hit to one's finances can be hard to swallow. While it may seem impossible to go through the divorce process without suffering some sort of financial blow, it is possible to achieve a settlement that does minimal damage. Divorcing couples in Maryland can seek legal counsel to assist with this goal.

Source: USA Today, "Nearing retirement and thinking about divorce? What to consider", Arielle O'Shea, Oct. 15, 2016

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