When older adults in Georgia get a divorce, they may have specific concerns around how it will affect their retirement. Whether they are already retired or it is just a few years away, they generally do not have the years in the workforce ahead of them that younger people would. This means careful decision-making is important to ensure financial stability.
For example, people need to think about what their post-divorce life will look like. Some people may decide they want to travel while others may want to do community work. Some people might need to build up a liquid emergency savings fund. Parents who are still offering support to children or who want to help grandchildren with their education should factor this in.
The first step may be reviewing all assets and debts. Some assets, such as inheritances, are usually considered separate property. Others, such as retirement funds, may need to be divided. There are different rules for dividing retirement funds in a divorce depending on whether the account is a 401(k), a type of IRA, an annuity or a pension plan. When the divorce is final, beneficiaries on these and other accounts might need to be changed along with other elements of the estate plan. People may also need to retitle assets, and some may need to change their names.
It may be possible to reach an amicable agreement regarding property division. Many couples are able to negotiate this agreement with the assistance of their attorneys without going to court. This leaves them in more control and can be less expensive and be less stressful than litigation. It also may offer the option for more creative solutions that suit the individual situation of both people. For example, instead of splitting certain assets, each person might keep assets in whole that have a similar value.