Some older adults in Kansas who divorce may find themselves struggling financially. Divorce is on the rise in this age group, with people 50 and older divorcing at a rate that is twice as high as it was in 1990. The rate is three times higher for those 65 and older.
Divorce, older adults and finances
The importance of property division for retirees
When it comes to divorce in Kansas, ex-wives may be worse off financially and have difficulty retiring. However, single women who are divorced are better off financially than single women who have never been married, according to a recent study.
How retirement funds are affected by divorce
When couples in Kansas decide to divorce, they often forget to consider the future of their retirement savings. However, the distribution of retirement funds can be one of the most significant financial consequences of the divorce. One partner's seemingly large stash for future retirement needs can be cut in half seemingly overnight, and the years to come can require that person to step up contributions to plans and other retirement savings. This can be complicated further by mandatory annual caps on contributions to qualified retirement accounts.
Student loans can cause problems in a marriage
Although many Kansas couples get married with the idea that they are in it for better or for worse, there are many marriages that do not make it due to financial stress. In particular, student loan debt is considered to be one of the largest financial issues when it comes to marriages.
Dealing with divorce-related financial surprises
Kansas wives who are considering divorce may be interested in learning about some of the surprises that may come up after a marriage ends. According to a recent survey, more than 45 percent of divorced women were surprised by some of the financial challenges they faced following their divorces.
The length of a divorce
Divorce can be a harrowing process. Both parties tend to want to get it over with quickly, yet this may not always be possible: In Kansas, the best-case scenario is for a divorce to last for a couple of months while it could drag on for a couple of years. The faster a former couple can come to an agreement and file the paperwork, the faster they will be able to wrap up the entire process and put it behind them.
How tax law can affect divorce negotiations
When people in Kansas make the decision to end their marriages, they often find that the financial aspects of a divorce can be among the most significant. This is one reason why changes to the tax code that affect the way divorces are handled are compelling many couples to try to finalize their divorces before the end of 2018. These changes can have a significant effect on both parties to the divorce with long-term financial repercussions.
When a former spouse defies the divorce agreement
Part of the process for finalizing a divorce between a Kansas couple is to draft and sign off on a divorce settlement agreement. While many former spouses understand that this agreement is legally binding, there are some who decide to defy the agreement. Depending on what was agreed upon, this could mean that the person refuses to pay child support, follow the visitation schedule or even hand over certain assets.
How to make divorce easier
When Kansas residents get married, they generally aren't thinking about getting a divorce. However, if a marriage does come to an end, there are ways to make a divorce easier. For example, it is critical that an individual considers the settlement process to be a business transaction as opposed to an emotional ordeal. By using facts and logic, individuals can work toward a fair and timely settlement.
Protecting College Dreams in Wake of Divorce
Couples are rarely prepared with a financial plan when it comes to a divorce. This often puts the children's college goals in jeopardy, since tuition plans are rarely discussed among married couples. All couples in Kansas City, Kansas should have a financial plan in place whether divorcing or not.
