Important Issues to Consider After a Divorce Later in Life
The divorce rate among people over 50 has risen sharply in recent years as more Baby Boomers, the generation with the highest frequency of divorces, have begun to reach retirement age.
Between 1990 and 2014, the divorce rate for adults over 50 doubled, while the rate for adults over age 65 tripled. These divorcees later in life come with a unique set of challenges individuals must navigate.
The following are some actions to take if you are going through a divorce later in life:
- Carefully analyze your financial situation: Will you be able to live on the savings you have available after your marriage ends? If not, there’s a chance you may need to seek out at least a part-time job to be able to stay afloat or push off your retirement longer than you had planned.
- Consider selling your house: Will you be able to afford property taxes, upkeep and the mortgage (if you’re still making payments) by yourself? And even if you can afford it, will it place too many limitations on your finances in other areas of your life? Selling your home could help free up some assets to be able to more realistically enjoy your retirement years.
- Revise your estate plans: As soon as you finalize the divorce, go through all your estate planning documents and make any necessary changes. You should, for example, make sure you have changed your beneficiaries on retirement accounts and insurance policies, while also updating your will so that your former spouse is not included.
For further guidance on what to do after a divorce after 50, meet with an experienced Long Island family law attorney at Bryan L. Salamone & Associates.