The reasons a couple may divorce can be complicated. For older individuals, it may be that after decades of marriage, they have grown apart and can no longer function happily as a married couple. The end of the marriage could also be due to something as devastating as cruelty or infidelity. Whatever the circumstance, people, facing divorce after 50 have the challenges which inevitably come with the end of marriage as well as those presented during this stage of their lives. Here are some considerations for divorce after 50:
“Gray divorces” or divorces following a long-term marriage between people over 50 have been increasing over the last two decades. A person entering this phase of their life and beginning again as a single person can be confronted with significant financial issues. Depending on their situation, the person may not have been the primary wage earner during the relationship and will have to determine how they will support themselves after the divorce. This may require the person attempt to rejoin the workforce after a lengthy absence. If employment options are limited, one partner may require alimony from the other in order meet their needs. This will also mean one or both people will have to leave their primary residence and pay for new housing expenses.
A married couple who had been planning their retirement is likely to have done so with the expectation that they would share their financial resources. However, divorce requires an equitable division of property, meaning that the couple may be dividing their retirement accounts and social security income. Should that occur, the amount of money that was once available to support them together will now have to fund their respective households. This reduction in retirement resources may mean that one or both people will have to continue working past their expected retirement age.
For those couples who have adult children in college, they may also have to take paying for school expenses into consideration while they prepare plans for their future financial support. Additionally, divorcing parents may want to create a voluntary agreement to ensure that their children’s higher education expenses are adequately funded.
At the Draper Law Firm, we have experience helping people going through divorce and understand the unique challenges which can be presented when someone is divorcing after 50. Please contact us to schedule a free consultation. We invite you to learn more about our firm here.