The divorce rate for those over the age of 50 has doubled since the 1990s. If a Kentucky resident does get divorced later in life, it could impact that person’s ability to save for retirement. The financial shock may be compounded by the emotional stress that the end of a marriage may bring. However, there are steps an individual may take to increase his or her financial security in a divorce.
For starters, it is a good idea to create a budget that accounts for any new expenses incurred as a single person. It may also be a good idea to find out what types of assets a household may have had while married and what they are worth. Individuals may do this on their own or with the help of legal counsel or financial professionals. One of the most important decisions in a divorce may be what to do with a marital home.
Keeping the home may not make financial sense as the mortgage and maintenance costs could be too much to afford on a single income. Those who are ending their marriages may also need to consider how they will get health insurance. This may be an especially important question for people under the age of 65 who don’t yet qualify for Medicare.
In a divorce, there may be many financial questions to be answered. One of those questions may revolve around spousal support. Generally, a person who makes less money or has fewer assets may be entitled to financial support after a marriage ends. This may help a person pay rent or other expenses on a single income. An attorney may be able to talk more about factors that go into determining alimony including a person’s age or the length of a marriage.