Any person going through a divorce needs sound legal advice. However, when you are a senior, in an already precarious financial situation, it is important to have the best legal advice possible so that you protect your interests, and reduce stress and anxiety in the future.
The financial repercussions of divorce are often catastrophic, and divorce is a major contributor to bankruptcy, and financial struggle. When you do not have the right kind of legal advice during the divorce, you end up signing away many of your rights. Seniors have limited sources of income like Pensions, Social Security funds, and other sources of income. Add to that the fact that seniors have the best-earning years of their life behind them, and it is easy to see why seniors need specialized advice that takes into consideration their financial risks.
If you are considering divorce, take time to figure out exactly what your monthly spending habits are, and how the divorce is likely to affect these. Face reality, and be prepared for rude surprises. Many seniors who talk to a Los Angeles divorce lawyer haven’t properly considered the exact repercussions of the divorce on their finances. For instance, there may be repercussions on your tax situation, and this is something many seniors don’t consider. In order to split up your retirement funds, you will need what is called a Qualified Domestic Relations Order, and this is not something that you want to get on your own. Any mistakes in a Qualified Domestic Relations Order can result in tax penalties.
Also consider whether you have invested for long-term care. As a divorced senior, you will not be able to rely on your spouse to take care of you.