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Colgan Law Firm LLC
Serving Wyandotte, Leavenworth, Johnson Counties in Kansas and Beyond

Staying on path for retirement after a divorce

According to statistics, the rate of divorce among those 50 and older has increased dramatically since 1990. This can have a variety of impacts on a Kansas resident's life. For instance, a divorce later in life could make it harder to retire or have a financially stable retirement. That is a result of the fact that income and assets drop while expenses are not as affected as much after a marriage ends.

Those who are going through a divorce will want to do a financial analysis to see how much money they have coming in and going out. After doing such an analysis, they may need to make adjustments such as cutting expenses or seeking new sources of income to make ends meet. Online calculators can help a person determine how much he or she need to save for retirement.

Individuals who are at or over the age of 50 can contribute more to their IRA or 401(k) accounts. If a marriage lasted for 10 years or longer, a person may be able to claim Social Security benefits based on a former spouse's work record. It may be possible to claim this benefit at age 62 even if the former spouse does not collect benefits at that age. However, this benefit may not apply if a person gets married again.

A divorce may lead to marital property division or other issues that may need to be resolved. An attorney may be able to assist a person create a favorable divorce settlement in a timely manner either in mediation or litigation.

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