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Divorce and separation may affect California boomers' finances

Many individuals know that having a fairy tale relationship does not typically happen. Even California couples who may have started out in seemingly perfect relationships could find themselves contemplating divorce and separation decades after tying the knot. When older individuals choose to take such a step, they could face particular impacts that might not affect younger divorcing couples.

Because retirement savings are of substantial importance to older people, understanding how divorce can effect these savings may help individuals prepare financially. Parties may wish to explore divorce options that could prove more cost effective, such as mediation. An alternate dispute resolution process such as mediation may also help individuals come to terms that better suit both parties, rather than having a court battle that results in terms decided by a judge. 

Estate plans can also be affected by divorce. Individuals often name their spouses as beneficiaries to important accounts, and if those plans are not updated, an ex-spouse could potentially remain in line to obtain property. Because most people do not want their exes to gain part of their estate after death, it often proves beneficial to review estate plans during the divorce process.

The impacts of divorce and separation on older individuals can sometimes prove detrimental, especially when it comes to finances. Therefore, older California residents who are looking to end their marriages may wish to assess their particular circumstances to determine what steps they could take to help themselves reach the best outcomes possible. Discussing their concerns and goals with experienced attorneys could allow interested parties to gain a better idea of their feasible options.

Source: bizjournals.com, "When boomers divorce -- what are the financial implications", Elizabeth Hodges, May 8, 2017

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