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Concerns for those going through a divorce at retirement age

On Behalf of | Apr 19, 2019 | Family Law |

Going through the end of a marriage can be a stressful and intimidating process under any circumstance. However, the potential concerns a person in Washington may have about the process of divorce may alter depending on his or her age. For instance, there are certain issues that may be unique to those who are going through a divorce as they also prepare to enter retirement.

For individuals who are going through a divorce late in life, the division of assets could prove to be one of the most vital aspects of divorce. One reason this could be a concern for many pertains to the fact that those entering this stage in life are also confronted with the prospect of living on a fixed budget. With the likelihood of experiencing a reduction in the ability to earn additional income, the concept of dividing assets and retirement savings could prove intimidating.

Another possible concern for those entering the golden years of life may also pertain to the idea of transitioning to life alone, as the costs of living alone may prove burdensome. When retirement and investment accounts are in the picture, one may also have concerns about the potential tax consequences associated with dividing similar accounts. With a great deal of factors to consider, those who face a similar process at this stage in life may benefit from seeking advice early in the process.

Individuals in Washington who are going through a divorce late in life may wish to know more about how best to go about protecting their financial futures throughout the process. By seeking legal counsel early on, a person could obtain much-needed guidance in covering every crucial aspect of divorce. An attorney can help a client better understand what to expect from the process and assist in pursuing the most favorable outcome achievable concerning his or her future during legal proceedings.