Kniess Law, LLC

Gray divorce can have impact on retirement savings

Ending a marriage can have major financial impacts for people of any age in Minnesota. However, these impacts may be even more pronounced for those getting a gray divorce, or a divorce in their 50s or later. When a divorce happens later in life, it does not leave much time to recover financially from the process before one's retirement years.

Before people get divorced later in life, it would behoove them to take stock of their financial situations. The more they understand about their finances, the less likely they are to overspend as they adjust to living on one income versus two incomes following divorce proceedings. Furthermore, people who are getting divorced may want to focus on keeping financial assets and give up the family home during the divorce process.

Many women in particular opt to keep the marital home following divorce in exchange for a significant amount of the marital retirement assets. The problem with this is that they practically have to start over in saving enough for retirement, which can be difficult to achieve later in life. In addition, houses come with maintenance costs as well as property taxes, which can become expensive for a divorced spouse to handle individually.

Dealing with the financial aspect of divorce can no doubt be overwhelming. However, an attorney in Minnesota can help a person who is getting a divorce to make expedient decisions regarding areas such as alimony and asset distribution. The attorney's chief goal is to make sure that the client's financial best interests are protected both now and well into the future.

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Woodbury, MN 55125

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