The Unique Concerns of Later Life Divorce
Divorce at any age is stressful, destabilizing and often economically difficult. But a divorce that comes after many years of marriage, at a time when most couples are thinking of retiring, is especially difficult emotionally and financially.
In March of this year, a study from the National Center for Family Life and Marriage Research reported the divorce rate of couples over age 50 doubled between 1990 and 2010. Looking for real love — or simply tired of disconnected relationships — many baby boomers no longer fear living single.
If you are an older American thinking about divorce, you need to consider the unique issues you face and position yourself accordingly during divorce negotiations. These points should be considered:
- Give the divorce process its due. If you’ve been married for decades, take some time to consider finances and other issues carefully, even though you or your spouse may be aching to be free. Strategically, you can negotiate more easily with a nonhostile spouse. Try to keep things friendly and fair but make sure you have top-notch legal counsel who understands your economic condition.
- Think about assets. Consider whether either of you really needs to keep the house. What about Social Security benefits and other insurance and retirement accounts? With fewer years to rebuild your retirement nest egg, you need to make protecting and maintaining wealth for retirement an important issue in a later life divorce.
- Understand your debt and your budget. Make clear agreements and arrangements to retire debt so that your quality of life doesn’t suffer if you divorce later in life.
Any decisions you make after age 50, including those involving divorce, need to be considered in light of your personal stability and financial health. Our firm offers experienced legal guidance for those considering later-life divorce. Call Bryan L. Salamone and Associates, P.C.