The decision to end a marriage will bring about many financial changes and adjustments for both parties, especially if the spouses are older. Divorce later in life will affect long-term savings and retirement plans, and these changes can be especially devastating for women. Mississippi women would be prudent to consider the steps they may need to take to minimize the negative impact their divorce could have on their future plans.
Prudent steps one can take
One way a woman can protect her financial interests during a gray divorce, which is a divorce later in life, is to prepare well. This starts by becoming as familiar as possible with individual and combined finances. A woman will be better prepared to pursue a fair financial settlement when she is familiar with all marital assets, including retirement and long-term savings accounts.
Women may not earn as much as men, and men are more likely to be the primary breadwinners during a marriage. Even with spousal support and a fair division of marital assets, women may not be in a strong position for retirement after a divorce. It may be necessary to begin strategizing for ways to rebuild, such as investing well, increasing income and more.
A fair final order
The foundation for a strong post-divorce future is a fair property division settlement. Women would be wise to negotiate carefully and not agree to terms that are not in their long-term best interests. It is helpful to work with an experienced Mississippi family law attorney who can help one pursue a strong financial future after a divorce.
