Divorce Woe for Baby Boomers

Posted on 02 April 2013

Many people plan their financial future and retirement around having sufficient funds to support themselves together with their partner. Unfortunately, many people are now separating later in life causing their ‘financial future and retirement plans’ to fall apart. For those Baby Boomers whose relationships and marriages are breaking down later in life, they are essentially having to halve their asset pool causing them to face having to fund their retirement as 2 singles. The cost of which is significantly greater.

If you are a Baby Boomer and your relationship of marriage has broken down, it is important to make sure that in reaching a property settlement with your former spouse you take into account this ‘change in your plans’ and think about the effect of the settlement on your financial future, particularly how it will affect your plans for retirement. Your family law Solicitor should not only ensure that a property settlement is properly formalised to secure your financial future, they should also work with your financial planner to help you to put in place a new plan for your future. We have a good relationship with a number of professional and reputable planners. Contact us for a referral.