Those who decide to divorce their spouses after they reach the age of 50 may find it wise to focus on their retirement. Studies indicate that the divorce rate is rising in this age group, and the unique circumstances of older individuals could make them more susceptible to financial woes. They are advised to take another look at any estate planning documents they have created as they are preparing to end their marriage.
Spouses must be proactive about dividing their properties, and experts say they shouldn’t rely on simply receiving the assets or benefits they believe they’ve been granted. It’s important for couples to concentrate on things like income and Social Security benefits when they are negotiating a property division settlement. They also need to be aware of how taxes could impact the actual value of the properties they split.
Important concerns for people going through divorce include reduced income and increased living costs, which can be harder for the elderly to deal with. One way to gain some financial breathing room might be for divorcees to sell the homes they formerly shared with their spouses and transition to more affordable residences. Such actions could also free up money to rebuild retirement savings that were impacted by the separation.
The end of a marriage does not necessarily mean that the divorce proceedings will end up in a courtroom. An attorney can often assist a divorcing client in negotiating a comprehensive settlement agreement. If the parties are unable to reach an accord on a particular matter, the attorney may sometimes suggest divorce mediation as an alternative method of resolving that issue.