The divorce rate is increasing overall and older couples haven’t been spared.
According to the AARP, the number of divorces for those over age 65 (known as “gray divorce”) has tripled in the last 25 years.
Getting divorced at any age presents challenges, but couples separating at more mature ages are faced with unique considerations. These considerations often prevent an efficient resolution to the divorce process.
If you’re anticipating a “gray divorce”, here are some issues you may be confronted with:
More assets to divide
Most gray divorcees have been married for many years, usually for decades, which means they have more assets to divide. Additionally, older divorcees are faced with the added wrinkle of retirement savings. Dividing a 401(k) or IRA presents its own unique challenges.
Social security
Some gray divorcees have begun collecting social security checks. Whether a spouse can, and should, continue drawing off their ex-spouse’s benefits is a pressing concern for many of them.
Estate planning
For senior citizens, ensuring one’s estate is in order is a primary concern. Like with any other divorce, there are estate planning concerns when an older couple separates. It’s important to consider the ramifications of divorce and to update any estate plan accordingly.
Protect your interests
Separating from your spouse after years of marriage is a difficult moment in your life – there are emotional, financial, and psychological challenges. However, it’s important to know that many older divorcees live fruitful, productive lives post-divorce.
At this stage in life, you have may have unique concerns and objectives. An experienced divorce lawyer can ensure your interests are protected so you can continue enjoying your golden years.
If cost is a concern, many lawyers offer a initial consultation at no out of pocket cost to the client.