At any age, a divorce can have a major financial impact on your life, but the financial consequences of ending your marriage are especially stiff as you near retirement age. When you divorce over 50, a divorce can ruin your retirement dreams and drain your savings. That’s why it’s important that you consider these tips to help you avoid financial ruin:
- Choose a flat-fee attorney — Legal expenses can skyrocket during a divorce, especially if you hire an attorney who bills by the hour. By hiring an experienced attorney who offers flat-fee pricing, you’ll know exactly how much you’ll owe from day one, and this can typically result in huge savings.
- Get a clear financial picture — Make sure you know your financial situation intimately. Get documentation on you and your spouse’s retirement accounts, savings, checkings, credit card statements, mortgage, etc. Having a clear financial picture will help ensure you get what you’re entitled to.
- Ask whether holding onto the house is worth it — If you’re awarded the house in your divorce settlement, ask yourself whether or not it’s worth keeping. As we get older, maintenance on a house can get difficult and costly. Sometimes, holding onto a house can be like throwing your money down a pit.
Are you facing divorce? Let the Florida divorce team at Miller Law Associates provide you with experienced legal counsel at affordable fixed fees. Learn more at www.DivorceYes.com.