Majority of people really need a strong reason to ask for a divorce. Yet, when it comes to divorce, both parties will go through a lot of stress (both physical and emotional). It is a tumultuous time for everyone involved, and there is no easy way to go through a divorce. After getting divorced, people often engage in a variety of unhealthy behaviors. Alcohol-abusing is among them. However, some people choose to divorce because one of the spouses has been using too much alcohol lately. Alcoholism is a very strong ground for a divorce, and one of the leading reasons why people seek divorce in the United States. Salvage What You Can Did you know that Alcoholism is among the three top reasons behind people’s divorce in the States? It is known to dimish relationships to the point where there is nothing left. Under the effect of alcohol, people do things they may regret later. Alcoholics usually have problems with focusing on their marriages, become secretive and tell a lot of ...
When things don’t work out, it is never too late to file for divorce. However, depending on the circumstances, it may have a huge impact on your life.
One such instance is filing for divorce near your retirement. Even though you may not be aware of it, but filing for divorce at the late stage of life can have negative consequences on the following:
- Your retirement plan (in case you are not already retired)
- Your assets (a division of assets gets more complicated as your income gets lower over time)
- Custody over children
- Balancing the new income and expenses
- Emotional stress
Dividing the Assets
Just like with every other marriage, all assets gained while being married are considered during the asset distribution. Everything you or your spouse gained prior to marriage is yours to keep unless otherwise specified in the prenup (if there is one).Assuming that you are looking forward to retiring, it may be hard for you to give away your home or your other asset to your spouse, now that you already planned the rest of your life in it. It may and will have a psychological effect on you, potentially causing you to become depressed and disappointed. And at this stage (the late 60s), people who are left alone and depressed may be prone to self-harm.
However, if you are the one who initiated the divorce, you have nothing to worry about. Get a good attorney, and be sure to protect your interests and your assets. If you have no attorney in mind, contact a Salt lake city divorce attorney and schedule your initial consultation.
Finding a Balance Between your New Income and Expenses
After your divorce is finalized, you will realize that your income has been halved. However, your living expenses have remained the same. This will make things a bit more complicated, as you will not be able to differ a portion of your salary into your 401(k) plan anymore, or at least not the same amount. You will have to pay for your living expenses first, which may leave you without enough funds to cover your monthly 401(k) plan investment.Things only get worse if you have to pay alimony to your ex-spouse, which may also affect your ability to save as constantly as before the divorce. If you have minor children, you will still have to pay for their care and support or maintain their entire household.
In reality, things can be quite devastating. You should probably try to save your marriage, if possible. Otherwise, you will face some serious and potentially life-changing problems. On the other hand, if you want to spend your remaining days in solitude, A Divorce Attorney in Salt Lake City can make it happen. Get in touch today, and they will help you get the most out of your divorce.
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