For many years now, there has been much talk about how the number of people getting divorced over the age of 50 is growing. This is true in California as it is elsewhere in the country. If you are one of the many people in their 50s or 60s facing an impending divorce, you should take this opportunity to carefully evaluate the many ways in which this life event will affect you financially at this stage of your life.
Forbes explains that certainly retirement planning and savings will be a top priority for you when divorcing just prior to or even after retiring. In addition to looking at what you and your spouse have saved in 401Ks, individual retirement accounts or other funds, you will also want to understand the value of those accounts now and in the long term. Some may have already been taxed while others will be taxed when you receive distributions. This seemingly minor difference can make a big difference in your bank account.
Insurance needs and costs may surface and add to your living expenses if you had health insurance through your spouse before and are now on the hook for it yourself, especially if you do not have access to employer-sponsored insurance. Social Security benefits should also be reviewed for potential income opportunities.
This information is not intended to provide legal advice but is instead meant to give divorcing California spouses an idea of the many things they should evaluate if they are getting divorced in their 50s or beyond.
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