While divorce can be devastating for New York couples at any age, it can be particularly difficult for baby boomers. This may be largely due to the division of assets for people who are close to retirement age or who have been out of the workforce for a number of years. While many spouses play an active role in their finances, others have allowed their partner to manage their joint financial decisions.
Some individuals who have allowed their spouses to assume financial responsibility may discover that the spouse has placed all of their credit under one name, leaving their partner with little or no credit history. This information can be discovered by pulling a credit report for both spouses. Another way that people can learn more about their current financial picture is by looking at statements regarding their bank accounts, retirement accounts and investment accounts. An emergency savings account is important for all individuals so that they have funds available when unanticipated expenses come up.
Another concerning topic for baby boomers is whether or not they can produce enough income to support themselves. Some spouses are the primary caregivers for their children, leaving them with fewer years and less experience in the professional workforce. Provided that the marriage has lasted at least 10 years or more, individuals may be able to overcome these obstacles by obtaining spousal benefits from Social Security.
Divorcing baby boomers may be in need of guidance regarding their financial and legal affairs. A family law attorney may provide advice that is specific to their particular circumstances.
Source: Fox Business , “Divorcing Baby Boomers: How to Get a Financial Grip”, Donna Fuscaldo, April 30, 2014