Did you think you were "too old to get a divorce?" Think again. More seniors in the United States are getting divorced than ever before. Divorce figures for couples over the age of 50 have increased substantially in recent years according to a study published by social scientists at Bowling Green State University.
If you think that you may not last until "death do us part" and you're over 50 years of age, there's a few pieces of advice that you might want to keep in mind:
-- If you've been married for a long time, there's a good chance that alimony will be granted in your divorce. You and your spouse's financial circumstances will determine who is the recipient of the alimony. Lifetime alimony payments could also be awarded.
-- Your retirement money -- which you've spent your lifetime saving -- will soon be divided in half. This means that your financial circumstances will be significantly reduced.
-- Your house will be divided. There's a chance you'll get to keep your family home, but if you do, then you'll have to give something up of equal value in your asset division process. Alternatively, your house might be liquidated so you and your spouse can split the proceeds.
-- If you get remarried, consider a prenuptial agreement. A prenuptial agreement will protect your assets, home and retirement savings the second time around. It will also make your divorce process much easier if divorce becomes necessary.
Getting divorced after 50 isn't the end of the world. Indeed, there's a lot to be excited about in this next chapter of your life. One way to ensure your divorce is handled appropriately is to consult with an experienced divorce lawyer who can guide you and represent you to seek a divorce that's fast, cost-effective and as peaceful as possible.
Source: U.S. News & World Report, "7 Things to Know About Divorcing During Your Senior Years," accessed Feb. 17, 2017