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Financial challenges for divorcing baby boomers

According to statistics, the number of baby boomer divorces in North Carolina and other states is continuing to increase as time progresses. Individuals both nearing retirement and contemplating divorce may wish to consider the financial repercussions that the separation might have on their finances.

Getting divorced later in life can be more financially challenging than getting divorced at a younger age for a variety of reasons. One major issue is being able to secure income after a person has spent most of his or her adult life raising children or managing the household. This can be a daunting experience for people who may already experience difficulty in finding employment at an older age. Individuals who have worked for a large portion of their life may now also witness their retirement fund drastically change.

For spouses wishing to obtain independence, one option may be to receive spousal benefits from Social Security. These benefits are generally available if the divorced spouse has fewer lifetime earnings, is age 62 or older and was married for at least ten years. Another option may be to negotiate health care coverage from their ex-spouse's insurance as part of the divorce decree. This can be especially important for older individuals who have developed medical conditions and are unable to procure their own insurance at an affordable price.

Baby boomers who are getting a divorce may consult with an experienced legal professional. An attorney might be able to advise individuals regarding the benefits and detriments of certain divorce settlements. Ultimately, an attorney can fight for an agreement that weighs in their client's favor.

Source: Fox Business , "Divorcing Baby Boomers: How to Get a Financial Grip", Donna Fuscaldo, April 30, 2014

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