Senior divorce rates are on the increase. When seniors get divorced, there are a number of financial questions that need to be addressed. Seniors, for instance, need to be especially concerned about the division of their retirement assets.
A senior in his 60s, has very few income- earning years ahead of him, and therefore, he needs to protect valuable assets like retirement plans and pension funds. Seniors can expect higher costs in the form of medical expenses, long-term care and other expenses that must be accounted for.
If you are not careful, you could find that your divorce significantly affects the value of your retirement funds, including 401(k)s, IRAs and pension funds. Another very important asset that could affect your financial security post- divorce is your Social Security benefits. All of these assets can be up for division in a divorce, and how these issues are resolved will impact your financial health after the divorce.
The need for financial security after a divorce may be even higher in the case of a senior woman, especially one who has not worked for many years. Many times, seniors are confused about their rights to their spouse’s Social Security benefits and other assets, and these mistakes can cost them dearly.
Just because you have been married to a person for decades doesn’t mean that you put your financial well-being in the hands of your spouse. Be practical, and get in touch with an attorney who will advise you about your rights, to minimize the financial fallout from your divorce. Speak to a Colorado divorce lawyer and learn what you can do to protect your rights.