Many people focus on property division for younger couples who have time to recoup the losses that might experience when the end a marriage. There are some special considerations that older adults need to consider if they’re going through this situation.
One challenge that can make this situation more difficult is that older individuals might already be receiving their retirement income. This is often limited, so they may have carefully crafted a budget to reflect what’s available. When they go through a divorce, they suddenly have a reduction in income and they have to make ends meet on this.
During the marriage, they had one set of bills with the full household income. The split means that the same income is going to support two completely different homes. Unfortunately, there isn’t a good option for avoiding this.
When you’re trying to come up with your plan for living after the marriage ends, be realistic. You need to know what you’re going to have available each month, so you can set your budget based on that information. You may find that bypassing some assets that have a high upkeep cost might reduce your stress. Make sure that you consider each expense related to assets before you agree to a property division settlement.
If you have certain retirement accounts, splitting them up can be a challenge. Working with someone who’s familiar with these types of cases can be beneficial since they can explain the options to you. Your ultimate goal is to walk away from the marriage with the best settlement possible, so you can enjoy life after.