You may have heard that gray divorce -- a common term for when two people get divorced later in life -- is on the rise in the United States. In fact, it has been said that about 25 percent of all divorce cases involve these individuals who are around retirement age.
Did you have the start of a promising career when you got married? Many people give a lot to a marriage. Some might work while others may give up the chance to the career to focus more on things at home.
If you're divorcing later in life, there's a good chance you share a house with your spouse. Since this is likely to be one of your most valuable assets, questions about who gets to stay put are sure to move to the forefront.
Divorcing couples must address a variety of assets during the divorce process. For many people, financial assets pose the biggest challenge. These are often the most valuable, leading both individuals to focus on them.
If you're an art collector, or if you and your spouse made a collection together during your marriage, it can become very hard to split it up. After all, you have an emotional and sentimental connection to some of those pieces. It's about more than just the money. And, even with an appraisal, you may not agree on exactly what a certain piece is worth. How can you divide a set if you're not even sure about the value of each individual piece?
If you go through the divorce process later in life, such as after you retire, it's imperative to make a variety of changes to your estate plan. Neglecting to do so could result in a number of challenges and mistakes, such as your ex-spouse receiving your assets upon your death.