California residents who get divorced later in life may have a difficult time managing their finances. This is because they have to maintain their own household while splitting assets that they have spent their lives accruing. Furthermore, there is less time to recover financially from a divorce that occurs at age 50 or later. However, there are ways that individuals can limit the impact.
One strategy may be to opt for a collaborative divorce. This process involves both parties working together to end their marriage in a way that benefits each person. Changes to the way that alimony is accounted for could make it worthwhile to revisit how much a person may be paying in spousal support. Couples can also benefit by waiting until 10 years has passed prior to getting divorced. Doing so makes a person eligible for Social Security benefits based on the other party’s work record.
Individuals who are thinking about getting a divorce may want to discuss the matter with an attorney in order to learn more the issues that may need to be resolved before a marriage ends. For example, couples will likely need to divide joint assets as well as debts.
Those who have fewer sole assets may want to ask for a larger share of marital property in a divorce. Doing so could make it easier to live a comfortable lifestyle after the marriage ends. This may involve receiving a larger share of a 401(k) or a spouse’s pension. They might want to have their attorney negotiate a comprehensive divorce settlement agreement that makes the transition to single life easier for them.