Divorce is becoming more common for older individuals than ever before. Issues of property division and financial security are typically considered with every marital dissolution, but these issues may weigh more heavily for older individuals who are nearing retirement. A recent news article recommends a few tips from the experts for individuals in Wyoming to consider while undergoing the dissolution process to make long-term survival a bit easier.
For individuals who may not have dealt with handling the finances during the marriage, one should definitely have an idea of income, debts and assets before the divorce. This allows a person to understand what is equitable and fair for both parties. An individual may then choose to focus on the necessities such as housing and health insurance. It can be important to understand the costs associated with both. While it is tempting to remain in the home, if a person’s income is limited, the mortgage payments can be out of reach.
After necessities are squared away, one may wish to take a look at the retirement funds. Homemakers who have not held and outside job may not be eligible for Social Security benefits, but if the marriage lasted at least ten years, they can claim on the record of their spouses. Retirement funds can be split also, and a document known as a Qualified Domestic Relations Order will enable the pair to split those funds.
Property division will likely take require individuals to review and negotiate the available assets. A thorough look will usually allow for an equitable split. Individuals considering divorce in Wyoming will likely wish to use the services of an attorney for help covering all the bases.
Source: CBS News, “Divorce tips for financial security“, Jillian Harding, Nov. 13, 2017