How older adults can prepare for divorce

On Behalf of | Aug 17, 2021 | family law |

Older adults in New Jersey who are going through a divorce should take steps to protect their financial stability. They might have had a definite plan in mind for retirement, but those plans may need to be altered.

Understanding finances

First, people should know what all of their marital assets and debts are. They should gather as much information as possible about their finances so that they can provide their attorney with it.

Budgeting

They should also create a budget for their life after divorce. This can mean starting out by only taking care of the necessities, such as rent, food and other bills. This is not the right time to start shopping indulgently. It is also important to look at housing costs in particular. Some people decide that keeping the home after they divorce is a priority, but they may quickly find that on a single salary, the cost of upkeep, insurance and utilities is more than they want to spend. Downsizing to a smaller house or an apartment may be a better plan.

Other considerations

Parents should keep in mind that a divorce can be hard on their children even if they are adults. They should think about how they are going to talk to them about the breakup. If their children are in college, parents may need to include plans for continuing to pay for their education in their divorce agreement.

Division of property can be complicated for older adults because they may have had decades to accumulate assets together, and their finances may be deeply entwined. However, it still may be possible to work together and negotiate an agreement to divide assets instead of going to court. This can help ensure they have more control over how their belongings are divided and may also be less stressful and faster than litigation.