In middle age, people can have many different financial goals for the future. This includes goals related to:
- Supporting adult children who are getting ready for or starting careers
- Having the resources needed to cover future medical needs
- Building up savings to further their life goals
As a recent article on Forbes’ website noted, there are various things that could create financial risks for middle-aged individuals that could endanger their goals. One is divorce.
Divorces can have many implications for a person’s finances. As we noted in a prior post, this include impacts on retirement.
What can middle-aged individuals do in the face of the financial impacts of divorce to try to stabilize their situation and protect their goals? Examples include:
- Altering financial habits: This includes changing one’s spending and saving habits to downsize, build up savings and minimize the debt one in taking on.
- Changing retirement plans: After the financial shocks of a divorce, altering one’s retirement plans may be necessary to properly address all of one’s financial goals. Changes that might need to be made include waiting longer to retire and reducing planned retirement spending.
- Factoring financial goals into divorce strategy: Property division, spousal support and other issues that come up in divorces can have major ramifications for a person’s long-term financial situation. So, it can be important to carefully consider how best to tailor one’s strategies for addressing these issues to support one’s long-term goals when getting divorced in middle age. Skilled divorce lawyers can assist with this.