Divorcing later in life in Minnesota can pose a detriment to the retirement plans you have worked so hard at all your life. However, while divorcing near the age of retirement can end up being a poor financial move, it does not have to be. Effective family law counsel can help to mitigate the financial trauma of divorce.

Each situation is unique, and thus personal financial and legal counsel is important in order to organize the division of property and the division of assets in such a way that your standard of living will not change dramatically. You may also safeguard your future by employing some of these practical applications to ensure the security of your retirement years. Some of these tips are useful for happily married couples as well:

Develop Your Own Credit History


Establishing your own credit history is vital to obtaining loans and lines of credit, whether you divorce or lose a spouse to death. Actively ensure a stable financial future by building your own credit history as soon as you can, even if you are not planning to divorce.

Dissolve Joint Accounts

Close all joint credit cards before the divorce is finalized to ensure your ex-spouse does not have the opportunity to incur debt which may harm your credit record.

Safeguard Your Health With Insurance

Obtain health insurance or Medicare benefits to cover health care costs during retirement. Long-term care insurance may become vital, should the time come when you require more care. This step is important for happily married couples, too.

Benefits Entitlement

You may have a right to a portion of your ex-spouse's Social Security or pension fund. An attorney can help determine which benefits you may be entitled to receive.

Source: Wall Street Journal, "When Divorce Unravels Your Retirement Plans," Ruthie Ackerman, Dec. 24, 2011