For many Minnesota couples, going through a divorce can be a financially difficult process. For those who are over the age of 50, the outcome of a divorce can be particularly devastating, as individuals may have to make changes to their lifestyle, especially if they are nearing or have already reached retirement age. However, prior to a divorce, there are several steps individuals can take to make the divorce a bit easier.
Those who are planning to get a divorce after the age of 50 should plan in advance. This means inventorying all assets that a person had prior to the marriage and assets that were obtained after the marriage. These sole and marital assets should include financial assets, such as investments, bank accounts and pensions. Additionally, an inventory of outstanding debts, such as any mortgages, loans and credit card debt, should be included as these will also be divided up during the divorce. Having an inventory of assets can help individuals determine what they want out of the divorce settlement.
Individuals preparing for a divorce should also consider their future financial needs. Divorcing later in life can impact retirement savings and may cause a person to have a smaller monthly budget to work with. Individuals should consider building an emergency fund that covers a minimum of six months of living expenses to make the transition post-divorce a bit easier.
Going through the divorce process can be expensive if the divorce becomes complicated or contentious. However, a family law attorney may help seek inexpensive or efficient resolutions that could save time and frustration. In some cases, this may mean conducting mediation hearings or assisting with a collaborative divorce, which allow the individuals involved to have more control over how the assets are divided.