It is no secret that the outcome of the end of a marriage could have a substantial impact on the lives of everyone involved. However, for individuals in California who are closing in on retirement age, there may be certain issues to address that are unique to their specific age group. Understanding how a divorce could affect certain areas of retirement could prove vital to forming a strategy to protect one's plans for the golden years of life.
Reports indicating that the divorce rates among individuals over the age of 50 has doubled over the past 30 years. With one's plans for retirement in the balance during a similar life change, understanding the possible ramifications of a divorce could prove vital. One of the first areas of retirement that might be affected pertains to Social Security, and depending on the variables involved, the outcome of a divorce could impact one's benefits.
Retirement accounts such as an IRA or 401(k) may also play a significant role during divorce proceedings. Understanding the possible tax ramifications and requirements for dividing similar assets could prove essential to preventing a potential disaster. Many of those who are closing in on this stage of life may also have a significant portion of their wealth tied up in the family home and addressing the options pertaining to this asset early in the process could prove imperative.
Understanding the topics to address during a divorce late in life can be a challenging process. When facing a similar circumstance, a person in California could benefit from retaining the services of an attorney early on for advice in making informed decisions about his or her situation. An attorney can work with a client in forming a strategy to pursue the best outcome achievable concerning his or her future during subsequent legal proceedings.