Ending a marriage at any age can come with significant complications. However, Utah residents who choose to divorce during their retirement years may have more significant financial repercussions to consider. Because they are not actively generating an income in most cases, it is important that individuals learn what financial changes they may face.
Because Social Security payments are important to individuals during retirement, it is wise to determine whether those payments will change due to the divorce. If a person was married for at least 10 years and has not remarried, he or she is likely entitled to up to half of the former spouse’s benefits. The exact amount to which a person could be entitled will depend on a number of factors regarding the specific situation.
It is also smart to consider whether spousal support payments will apply. Having to make payments to an ex-spouse during retirement could lower a person’s disposable income, which is a detail that needs addressing. The amount of spousal support is another aspect that will depend on personal circumstances, and negotiations for support may be a vital aspect of the case.
Money matters can be stressful at any time, but when Utah residents are worried about their fixed income changing as they divorce during retirement, that stress could increase significantly. Fortunately, they can obtain help when it comes to determining how ending their marriage could affect their financial futures. Consulting with family law attorneys could allow them to fully understand what their cases could entail and how they could prepare to reach the best outcomes possible.