Gray Divorce: 4 Ways to Future-Proof Alimony and Protect Your Finances
Bankruptcy rates among Americans over age 65 have tripled in recent decades. The reason why appears to be a perfect storm of financial strains — from spiraling health care costs and rising living expenses to too little in retirement and personal savings. If you are older and planning to divorce, you may be concerned about how your split will impact your financial future, especially if you will pay — or receive — alimony.
What if you can’t pay the alimony amount you’re ordered to — or if the amount you receive isn’t enough? What happens to alimony when you retire? What about taxes? And what other sources of income and support can you draw from in your senior years? Read more