The divorce rate among older couples in the United States continues to be higher than other age groups. Older couples getting divorced is becoming more common and socially accepted so it is not surprise that the divorce rate for individuals age 50 and older doubled during the last 30 years.
Older couples have several unique factors to consider during the divorce process. As you get older and closer to retirement, it is important to carefully review how the divorce will impact your overall lifestyle, including your retirement plans and financial obligations.
What do older couples need to think about when getting divorced? Listed below are a few issues to understand and address to help you have a happier and less stressful life after divorce:
- Alimony: older couples who were in long-term marriages should anticipate that alimony will likely be granted in their case
- Retirement assets: do not be surprised if you retirement accounts are split in half, significantly altering your retirement goals
- Property: if you decide to keep the marital residence, you may have to give up other assets to your ex
- Children: adult children can still be a factor in divorce if they are still in school or have a disability
It is important to be aware of the different factors that may impact your divorce proceedings so you can come up with a plan to address the financial and emotional impact it will have on your life.
Getting divorced at an older age can seem very scary. However, working with a divorce attorney can make the process easier so you can move on with your life and focus on your future.
Source: US News, “7 Things to Know About Divorcing During Your Senior Years,” Maryalene LaPonsie, April 24, 2015