The choice to end a marriage comes with various implications, including financial repercussions that will affect a Mississippi spouse for years to come. No one is immune from the toll divorce can take on financial health, but there are ways to protect interests and secure terms that allow for a strong future. One way to do this is to seek an understanding of the potential short and long-term effects of this decision.
Divorces that take place later in life can be more financially harmful because the spouses have fewer years to regain their footing and recoup losses. Experts suggest that a “gray divorce” can result in up to 50% loss of retirement savings. Older couples may have to make significant adjustments to their plans for retirement, including paying for housing, living cheaply or working for more years.
Older Mississippi couples facing the end of their marriages will want to consider a few things before moving forward. First, a spouse may want to consider adjusting plans for retirement on reduced income and savings. Preparing for the impact of a divorce means considering financial priorities and resolving to negotiate terms that will make sense well into the future.
The financial stakes are high in a divorce, especially if one or both parties are nearing retirement age or past retirement. It is essential for a spouse to secure experienced guidance as he or she considers options and negotiates a reasonable financial settlement. A knowledgeable attorney can help shield short and long-term interests as much as reasonably possible at every step of this process.