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Late Divorces Shouldn’t Impede a Healthy Retirement Account

Posted on December 10, 2016 by Chris Kirker

Boston, Massachusetts-based multinational financial services company Fidelity Investments vice president Ann Dowd, in commenting on the rise of divorces that happen between couples nearing or in their old age, said, “It’s almost like a gray divorce boom is unfolding just before our eyes.”

Sometimes it is inevitable that married couples will go their separate ways, even in their golden years; this is good in the sense that they are not letting their advanced age become a hindrance to the pursuit of their own personal happiness. However, as married couples in their golden years have spent most of their lives together, it can be assumed that they have built their financial lives around each other—therefore a divorce can be a downfall to their financial plans.

George Washington University economist Annamaria Lusardi, for her part, said, “Most couples plan for retirement on the assumption they will be living together. When that assumption falls apart, it’s not just a division of wealth but a doubling of the costs that makes both partners poorer.”

Our family law lawyers at Kirker Davis LLP, who provide legal services for our clients in Austin or other areas in Texas, handle family law cases involving divorce arbitration and postnuptial agreements, among others. Seek the legal assistance of qualified members of our legal team by calling our offices today at (512) 598-0010.

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