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Divorcing Near Retirement Age? Monitor Your Assets

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Joliet divorce attorneysDivorce can happen to anyone, during any stage in life. When it ends up occurring right before a couple retires, both parties may become at risk for long-term financial devastation. Learn how you and your spouse can mitigate this risk of divorce-induced poverty, and how an experienced divorce lawyer may be able to help.

Understanding the Risk

Divorce, in and of itself, is a financially complex situation. This can be problematic for couples of any age, but those nearing retirement age do not have as much time left to recover from the financial blow of divorce, or any costly mistakes they might make. This can be further exasperated by the fact that most couples only prepare for one set of expenses, not two. Divorce changes that, and sometimes so drastically that divorcing parties must plan carefully before moving forward with the process.

Mitigating the Risks

While every situation is unique, couples often find that careful planning goes a long way in mitigating the financial risks of divorce. For example, those that speak to an attorney about their debts and assets before filing have the advantage of legal knowledge and experience, which can ultimately reduce the risk of a mistake or oversight during the filing process. For example, taxation and QDRO fees are common, and many couples are unprepared when they attempt to work through divorce on their own.

Where to Start

If you and your spouse are contemplating divorce, now is the time to gather your financial data and review it. Monitor your assets closely to track what you have coming in, and what is going out. This is also a good time to start cutting out the excess - cancel subscriptions you no longer need, pay off credit cards and other debts, and start taking personal financial responsibility for your own expenses.

Once you have collected all the data you can find (i.e. bank statements, mortgage statements, retirement account statements, pension statements, etc.), take it to your attorney and voice your needs and concerns. This gives them the documentation they need to assist you with developing a divorce strategy that can address any specific concerns and issues you may have about your divorce.

Contact Our Joliet Divorce Lawyers

At the Law Offices of Tedone and Morton, P.C., we understand that every divorce is unique. This is why we are committed to meeting your needs with personalized attention and committed service. To learn more about how we can help mitigate the issues in your divorce, call 815-666-1285 and schedule a confidential consultation with our seasoned Joliet divorce lawyers today.

Sources:

http://www.cnbc.com/2016/09/06/memo-to-divorcing-boomers-watch-your-assets.html

http://www.dailyherald.com/article/20170205/business/170209616/

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