Saying "I do" has consequences for everyone. If couples get and stay married for a considerable length of time, they usually have more financial benefits to consider should they decide to separate. It is a fact that divorce rates for older Americans have doubled and tripled depending the the ages of the couple. There are a lot of things to consider when divorcing after 50.
Be prepared for economic hardship:
Couples who go through a gray divorce will have a tougher time than those who remain married. It is exceedingly harder for them to maintain current lifestyle after splitting and dividing all assets and debts built during the course of the marriage. It is especially harder for women.
Know your financial situation:
Gather all of your financial data from the marriage, as well as your credit report, so that you can began to picture your financial future.
Expect a 50/50 split:
Yes, if you have been married for 10 years or more, you will have to equally divide your assets and debts. Regardless of wrongdoing in a marriage, the two of you have built "something." The Courts therefore will allow you to benefit from what you have built.
Speak with a financial planner before filing:
Financial professionals may be able to assist you with mapping out your future. This will prepare you for any hard blows that may happen to your lifestyle. Bowen Law Firm has a Divorce Concierge has referrals for you.
Think about retirement, including Social Security:
Even if you are behind financially, it is never too late to prepare. It is important to understand that you may have to divide your current retirement or develop your own retirement. Getting ahead of these issues will help ease some of the burden and stress that comes with divorcing.
Other Considerations:
Updating your will and beneficiaries are an absolute must. Will you need update life insurance, health insurance or long-term care plans? Remember that you are striking out on your own. Consider these options carefully. Other factors will be in play during this age group, like Medicare and/or Medicaid. Likewise, are you and your separating spouse supporting adult children? This may be something that the two individuals may want to document during the divorce process.
The decision to divorce means more than simply separating from your spouse and moving on. There are many decisions that need to be made. The details can be excruciatingly daunting. Make sure you choose an attorney who has the experience to properly guide and counsel you through it all.
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