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Financial survival suggestions for a later in life divorce

According to national statistics, couples over a certain age are more likely to dissolve their marriages. While the numbers of divorce filings have reportedly doubled for those 50 and over, the rate has increased more than one and half times for those who are 65 and older. Maryland residents who are considering such a divorce now or in the near future may benefit from a few financial suggestions.

For many in the Baby Boomer generation, it may have been more common for one spouse to deal with the family finances. As a result, a divorce now could make handling budgets and retirement more challenging. There are classes that could assist those who may need a refresher in financial planning. Also, determining how to maintain comfortable retirement savings can be more challenging once pensions and other accounts are split between the former spouses.

One option that may allow one to rebuild a retirement account is the selling of the family home. While many women, especially, may be tempted to retain the home, it may not be financially feasible once the divorce is completed. Another consideration is to change the names of those who will benefit from retirement and other accounts if one does not desire for the former spouse to receive such monies. Simply updating a will may not be enough to ensure that another individual will be the approved beneficiary.

There are many professionals who can assist in coming up with a sound financial plan for those who are facing a later-in-life divorce. However, no matter what age or stage in life, a divorce can also bring new opportunities and peace for those who have struggled in an unhappy marriage. Maryland residents who are contemplating a new start in life can seek the guidance and information that a family law attorney can provide throughout the divorce process.

Source: cnbc.com, "Surviving divorce after 50", Katie Young, Mar. 2, 2017

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