The Most Common Mistakes Made By Divorcing Couples Over 50
Divorce rates for people over 50 (and especially people over 60) have been skyrocketing over the last decade. While younger people are getting divorced at lower rates than ever, it’s Baby Boomers and Gen Xers entering their gray years who are still setting record paces for divorces.
The divorce process for a person over 50 will legally work the same, but there are a lot of different considerations that go into these divorces. This means there are also different opportunities for divorcing couples to make mistakes.
Here are a few examples of some of the most common mistakes made by divorcing couples over 50.
- Keeping the house: If you are able to afford the house and everything that comes with it, then by all means, keep it. But there are far too many older people who hold on to a house solely because of sentimental reasons and all the years spent there.
- Not listing out assets: If you do not create an inventory of all of your assets, it will be much more difficult to get through the asset division process with a positive result. It can take quite a bit of time and effort to tabulate all the assets you’ve collected over the years, but it’s necessary.
- Not considering health insurance: If you have health insurance provided through your spouse’s employer, you’ve probably been taking it for granted for many years. Early in the divorce you must consider what you will do about your insurance coverage, whether it’s signing up for COBRA coverage, Affordable Care Act coverage or private insurance.
- Supporting adult children: If you no longer have minor children, your first priority should be supporting yourself to make sure you’ll still be able to retire. Adult children, as much as you love them and want to support them, come second.
- Attempting to conceal assets: This is illegal, and could result in you being penalized and making the divorce process much harder on yourself.
For more examples of some common mistakes made by older divorcing couples and how to avoid them, contact a reliable Long Island divorce lawyer at Bryan L. Salamone & Associates.