Divorcing Later in Life
Divorcing after many years of marriage is a growing trend with some statistics indicating that the rate of divorce for people over the age of 50 has doubled since 1990. There is even a name for this new trend: gray divorce.
Divorcing later in life can bring a complicated set of circumstances into the process. As people grow older, they often face financial stresses. Divorce places even more of an economic burden on a separating pair who must now run two households instead of one. Emotional ties to a home may make dividing the value of this asset difficult. Significant debt or mortgages can complicate matters.
Children may be grown, so custody will not be an issue, but issues such as health insurance can be a problem for couples who are not yet old enough to receive Medicare. Sometimes couples may agree to live apart pursuant to a Separation Agreement to avoid the expense of health insurance, or the effects of taxes.
Many later-in-life divorces involve a high net worth that calls for a detailed valuation of assets. Businesses grow over time and become more valuable. Retirement accounts and stock plans can increase significantly as the years pass.
Typical items to be divided include:
- Home and other real estate
- Trust accounts
- 401(k), Keogh plans, pensions and other retirement plans
- Bank and stock accounts
- Profit-sharing agreements
- Off-shore or foreign bank accounts
- Significant collectibles or other personal property
An experienced divorce attorney can review your situation and guide through your divorce.