The Law Firm of Chris E. Ragano, P.A.
Hablamos español
Call 800-277-2388
to speak to an attorney today.

Preparing for retirement during divorce

Divorce rates may be down overall for couples in Florida and throughout the country, but people over 50 are more likely to divorce than in previous generations. This means that many people may be divorcing as they approach retirement age, and this could have serious financial repercussions for people as they age. However, there are several things people can do to protect themselves financially.

It is important for people to understand their financial situation, and it may be necessary to look for odd jobs to supplement income. More than 40 percent of women and around 23 percent of men experience a decrease in income after a divorce. Some couples may find there are financial benefits to putting off ending a marriage. After 10 years or more of marriage, one spouse may qualify to draw Social Security on the other spouse's earnings. Furthermore, at age 65, a person becomes eligible for Medicare, and this may be more cost-effective than many insurance plans.

Retirement accounts are usually split between a couple, and it is important to look into ways to minimize the tax burden of doing so. People should also make sure that they update their beneficiary designations on retirement accounts, life insurance policies and any other assets they have that are passed on in such a manner rather than by a will.

Divorce does not always mean having to go before a judge who makes decisions on property division and other applicable issues. Couples have the option to negotiate with one another with the assistance of their respective attorneys. They can then make a legally binding agreement, and they might be happier with the outcome since this approach them gives them more flexibility to craft a plan that works best for their situation.

No Comments

Leave a comment
Comment Information
Get In Touch

Talk To An Attorney About Your Family Law Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Make your next step the right one. Call 800-277-2388 to speak to a lawyer.

Review Us
Brand

The Law Firm of Chris E. Ragano, P.A.
3408 S. Manhattan Avenue, Suite 1
Tampa, FL 33629

Toll Free: 800-277-2388
Tampa Law Office Map