Divorce is never easy. For couples over the age of 50, the process may be even more complicated. But statistics show that an increasing number of couples in that age group are divorcing. The National Center for Family & Marriage Research reports that divorce rates in this age range have doubled over the last 20 years. One reason may be that many couples are in their second or third marriage by this time, and are not so intent on working to make it last.
For these couples, financial considerations may be even more of an issue. Although child support or custody may no longer be in dispute, assets such as real estate, pension or other retirement plans and insurance may be subject to division. Because of the considerable amount at risk, divorcing couples have to ensure that they get a reasonable and satisfactory divorce settlement.
Taxes on retirement funds must be considered in determining a settlement. These funds are subject to taxation when the money is withdrawn, so the actual value may be significantly less than its gross value. Dividing the fund without taking this into account will result in major surprise for one party.
Spousal maintenance can help the non-working spouse maintain some semblance of the life he or she was living while married. The age and health of the contributing spouse must be considered - especially if there have been health issues in the past. Some financial experts suggest taking out a life insurance policy on the other spouse.
Social Security benefits can be claimed by the other spouse at age 62, provided the couple was married at least 10 years and the party remains unmarried. Because the party receiving less in benefits can claim the higher-income spouse's benefits, a divorce agreement should account for this in determining spousal maintenance or other payoffs.
Finally, the emotional issues for older couples can be difficult. Experts encourage divorce counseling, getting involved with people of similar age and circumstance, finding an activity, and keeping in touch with the children. This can bridge the gap to another chapter in life that can be just as rewarding.
Divorcing at any age can be a difficult process. For those divorcing later in life, it presents a unique set of issues. If you are considering divorce, it is important to contact an experienced attorney to make sure your interests are protected.
