Many couples spend their time growing old together in Florida. Unfortunately, there’s no guarantee that your marriage will stand the test of time. If it doesn’t, you could find yourself going through a divorce. Considering that, here are a few mistakes to avoid when you’re getting divorced in your 50s or older.
Being unaware of shared debts
During a high-asset divorce, many people get concerned with the money they’ll walk away with. It’s also important to ensure that you know how much debt you and your former spouse share. If not, you could find yourself struggling to manage these debts.
Supporting your adult children
Most parents will do whatever it takes to help out their children. However, if you divorce over the age of 50, you might find that there’s less available money to give out. Until you get your post-divorce finances in order, you might want to hold off on giving extra financial support to your adult children.
Putting money from a spouse’s retirement account in an IRA
It’s possible to get your share of funds from your ex-spouse’s individual retirement account. If this happens, you might get tempted to place this money into your own IRA. However, taking out the money in this account before you reach 59.5 means paying a 10% withdrawal penalty. Instead, consider using a qualified domestic relations order that offers no early withdrawal penalties to take out your share in cash.
If you need someone on your side to help with a high-asset divorce, it might be beneficial to contact an attorney. With an attorney in your corner, you’ll have the assistance you need to get through an upcoming divorce.