Divorce and Retirement - those two words just don't work together, do they? Divorce around the time of retirement seems quite incompatible to me... but it happens.
Retirement and Divorce happens to long time 30 year marriages, as well as newer marriages that simply don't bear the test of time.
Before you go through a divorce, you might consider a Legal Marriage Separation instead. Just another divorce option while you are in the "maybe" stage.
Plus you might be able to remain covered by your spouses health care insurances, if covered by former employer as part of the retirement package. Divorce will terminate those rights. Health care is expensive.
evaluate your marriage and be honest with yourself -- how good was good
and how bad was bad? Is it possible that you should try again? Did you
stay together just because it was simpler than divorce? Was he/she
controlling? Do you realize you could spend the rest of your life alone?
Everything suddenly changes -- good or bad -- depending on how you handle it. It's YOUR choice on how you live the rest of your life... it really is!
Maybe you'll find a new relationship after divorce!
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Finances... your divorce lawyer will help you sort through the equitable split in your divorce monies and household items. Beware: an divorce attorney can totally help you; but the split depends on the couple agreeing on it all. Any attorney will charge you for every call, every court appearance -- so be fair and try to settle between the two of you as much as possible.
Save your monies for a long retirement, instead of making a divorce attorney richer.. Grin!
Now, you might have a good understanding on how finances are handled in your household. BOTH partners should always be aware of where important documents are located and how much you have in savings, and how expenses fit in your life. If you don't know, find out... always be aware of what your financial situation is.
If you are considering divorce, start documenting and copying some financial documents now. You can even take photos with your phone! Just document your financial circumstances BEFORE you talk divorce.
Divorces can get nasty, especially where money is involved. Accounts can disappear, money unaccounted for, and more. PLEASE PLEASE - Plan ahead so you know what is out there and can provide the documents needed to the attorney.
All company pensions in divorce are part of the marital assets to be split. You seriously need to understand how divorce affects your retirement benefits. Domestic Relations Orders (below) are the court document itself.
Social Security will not be affected by a divorce. You are still entitled to your own benefit or half of your spouses (assuming you were married at least ten years), for life, even if they remarry later. Learn more here.
Assuming you divorce, does the court order a Domestic Relations Order to split a company pension? QDRO / EDRO's are court orders issued in divorce situations to assure that spouses share an employers retirement benefits.
If a divorce happens after years of marriage, don't miss out on this benefit, PLEASE don't simply forfeit your rights to a future benefit...
Finally, BEWARE! We all know darn well that some spouses lie and cheat -- not all of them, but some do. If you even think something
odd is happening, trust your intuition and watch closely.
Why blind yourself (it's called "denial", right?) if something is happening and you choose not to recognize it? If nothing else, get copies of all your financial statements, in case you need them some day....
What about new relationships after divorce? Do you go there?
Divorce is never nice... especially in retirement when you assumed you'd grow old together.