Some estimate that as many as half of all marriages will end in divorce, which suggests that divorce is not limited to any particualr age group, or other demographic.
In any circumstance, separating spouses should consider the impact that divorce will have on their financial, emotion and physical well-being. These considerations are even more important for divorcing spouses who are age 50 or older. Spouses age 50 or older are closer to retirement, have generally amassed more assets, and have unique concerns like anticipated health issues, and the cost of post-secondary education for children. Consulting an experienced family law attorney is the first step in addressing these concerns.
Other suggestions in managing a divorce later in life:
- Prepare a list of all current and prior employment to help you account for any retirement accounts, pensions and stock options that may have been overlooked.
- Ensure that all life insurance policies in effect remain unchanged, including the beneficiary designations on these polices.
- Address interim support issues.
- Obtain a current Social Security statement for you and your spouse and look into benefits available to spouses in long term marriages.
Pennsylvania residents concerned about any of the aforementioned issues should seek the guidance of an experienced family law attorney.
Source: marketwatch.com, “7 ways to manage financial pitfalls during a late-in-life divorce“, Melody Juge, Feb. 9, 2018