Coping with a divorce and retirement: Ways to limit the pain during a vulnerable time

Divorce is becoming an accepted part of life, as a large percentage of the population will end their marriages early. This can occur during any point of a union, and it is necessary for individuals who are entering retirement to take significant steps in terms of planning prior to finalizing a split.

According to The Globe and Mail, though some people make a decision about a possible divorce in a relatively quick manner, as a single event may trigger the urge to split, it is important for older individuals to plan out a financial path for themselves after their marriage is over.

“Divorce is a big change in life, and as in all big life changes, people need to talk to a qualified financial planner to see what the implications are before making any decisions,” Sara Kinnear, director of advanced financial planning with Investors Group, told the news source.

This type of financial insecurity is not helped by pursuing a divorce through the courts, as this option may be a hit on the wallet due to the high attorney fees that can be charged throughout the lengthy process.

People should consider a divorce alternative like mediation, as this expedited solution can help to lower divorce costs and limit the time that one has to spend battling with their ex.

Saving money may be necessary if a lack of financial independence exists, and divorce mediation will save a couple from paying these excessive costs to end their marriage.

“Whereas before the divorce you might have been planning for retirement together, now you may be on your own, solely responsible for making sure you have enough income to retire on,” Kinnear told The Globe and Mail.

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