Mistakes Made with Late Life Divorce
Often couples who are on the cusp of retirement make a lot of mistakes in terms of what they’ve communicated and or done in preparation for retirement.
Mistakes Made with Late Life Divorce
Often couples who are on the cusp of retirement make a lot of mistakes in terms of what they’ve communicated and or done in preparation for retirement.
Lili talks Gray Divorce on DivorceAndBeyondPod.com with Susan Guthrie
Gray divorce has a disproportionate financial impact on many soon-to-be retirees since the division of assets happens closer in time, or during retirement.
Listen to my interview on The Debbie Nigro Show
Listen to my interview on The Debbie Nigro Show
Late Life Divorce – Divorce and Negotiate as an Equal
Every 10 seconds a Boomer turns 60 years old. And if you are over the age of 50, you share the risk of divorce, which has doubled in its rate for first-time long-term marriages in the last decade.
Protecting Your Threatened Wealth
Every 10 seconds a Boomer turns 60 years old. Gray divorce is what many boomers face. Among U.S. adults over age 50, the divorce rate has doubled since 1994. Contrary to expectations, long term marriages are not immune to divorce and the largest increase (55%) is in first time marriages of over 20 years. With transition and the uncertainty of a divorce outcome, being able to meet one’s needs and protect wealth are the two priorities expressed most often by older individuals who divorce.
According to research, March is the most popular month to file for divorce, maybe because couples want to get past the holidays and taxes (or maybe it’s just “March madness.”) This past March, however, we also began dealing with the Covid-19 pandemic and self-quarantining. Most families have had to endure financial hardship, childcare issues and the inability to live life outside their homes.
Lili is speaking at National Conference Event in Chicago
Retirement Income Summit: April 20-21, 2020 | Westin Chicago River North
Join us in Chicago for the industry’s premier retirement planning conference.
Divorce: How to stay financially secure when you’re splitting up
Getting divorced is an emotional roller-coaster. It also can be a real threat to your personal finances.
If you don’t approach your settlement with a clear head and an accurate accounting of your finances, you may find that you can’t afford your new life alone or, just as bad, you could jeopardize the retirement you’re envisioning for yourself in the future.
For those splitting up in their later years or for spouses who worked at home for most of their lives, the financial ramifications can be even worse.
The key things to focus on in divorce, by the decade
Love aside, the impact of divorce in your 20s and 30s is quite a bit different than in your 40s and 50s.
Divorce by the decade seems like an odd way to call the shots to identify the risks for a marriage. For years, it seemed like the longer you were married or the longer you waited to get married, the better.
Most people believe that the relationship between age at marriage and divorce risk was almost linear: the older you were, the lower the chances of divorce. Curiously, not only are these basic assumptions mistaken, but also the premise that all divorces face mostly the same financial issues.
Protecting Yourself Financially during Divorce
I HAVE BEEN PRACTICING AS a financial advisor in divorce for more than 25 years, and in the last 10 years the divorce rate in the U.S. for adults over the age of 50 has doubled.