Every aspect of your divorce requires your full attention, and this is especially true when it comes to retirement accounts. If you ignore this now, you could regret it at some point in the future, such as when you want to retire.
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.
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.
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.
As you pass retirement age and begin to think about the future, you may have questions about your marriage. Do you want to remain married to this person for the rest of your life? Is now the best time to consider a divorce?
Most people know about the "seven-year itch," the time when many marriages endure a lot of strain that could result in a divorce. If a marriage can endure these first seven years and last the next seven without a problem, it should be good until the end of life, right? Not so fast.
Researchers with the Pew Research Center note that those 50 years of age or older are getting divorced at double the rate now than what they were in the 1990s. While many would argue that this increase in divorce rates among seniors has to do with the fact that these individuals are living longer than previous generations, this isn't the only explanation for this increase.
Marriages end in divorce for an infinite number of reasons and it's usually impossible to precisely put your finger on the exact cause of a particular divorce. That being said, marriages often follow a slow period of decline that progresses from unresolved conflicts to emotional disengagement to decreasing levels of affection to a complete cessation of intimate, sexual contact.
Divorce could affect the amount of your Social Security retirement benefits. In fact, this is a primary concern of many spouses who choose to go their separate ways in their later years.
While the majority of divorcing couples decide to make the change while their children are still growing up, divorce after retirement is a trend that has increased in the last few years. Divorcing after retirement, otherwise known as "gray divorce" is seeing an upward trend for a number of reasons, including increased life expectancy and the shifting of social norms.