Margaret Gettle Washburn, P.C.
(770) 676-1191
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Divorce and retirement

Although the divorce rate in Georgia and the rest of the country has been generally declining, there has still been a substantial increase in marital dissolution among people above the age of 50. This national trend has serious implications for those nearing the age of retirement and attempting to plan for the rest of their lives.

Research has confirmed that the end of a marriage is accompanied by negative economic effects far more often than people might expect. Therefore, those who are contemplating a divorce would be well served by planning ahead.

Expenses will likely rise as the earning power of each departing partner is diminished, and new economies may be necessary. Instituting a proper budget before it becomes an emergency can make an enormous difference in quality of life and economic security. Adding new sources of income can help in defraying costs and reducing the drain on resources. Sometimes it may be wise to delay the split for Social Security and Medicare purposes.

The process of divorce can be fraught with risks that run the range from the economic to the emotional. People who are facing the end of their marriage may want to meet with a family law attorney to see how to address the various divorce legal issues that might arise, such as spousal support, property division and, if applicable, child custody and support. An attorney can often be instrumental in negotiating a comprehensive settlement agreement that addresses these matters. In some cases, it might be worthwhile to turn to mediation if certain issues remain unresolved.

Source: Nerd Wallet, "Don't Let Divorce Sabotage Your Retirement Plans", Arielle O'Shea, Nov. 7, 2016

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Margaret Gettle Washburn, P.C.
4799 Sugarloaf Pkwy
Building J
Lawrenceville, GA 30044

Phone: 770-676-1191
Fax: 770-963-2828
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