While the actual number of divorces every year is declining, one demographic
in particular has actually seen a sharp rise in their divorce rate: couples
over 50. In fact, the rate at which couples over the age of 50 are seeking
divorce has
doubled since 1990, with couples over the age of 65 pursuing a divorce at
triple the rate of that year. There are several reasons for this, notably reduced
stigmas and the millennial generation growing up and moving out on their
own eliminating the need for couples to stay together. Are you over the
age of 50 and considering a divorce? Here are some valuable tips for surviving
the ordeal.
Know the Risks
There are numerous additional factors that go into a divorce over the age
of 50. The first thing you should consider is that both you and your spouse
are closer to retirement, so you have far less time to make up any financial
losses you may incur. Whereas a younger couple still has their whole life
ahead of them to work and build up their savings for retirement, an older
couple may only have a few years left. Deteriorating health may also lead
to the need for more frequent medical care, which is a large expense.
Examine Your Financial Situation
How much money do you have saved amongst all your investments, retirement
accounts, and other assets? Now divide that in half. Can you still afford
to live off that savings amount? When you and your spouse split, you will have to
equitably divide your assets, which does not necessarily mean it will be an equal
division. So take a long look at your assets and determine whether or
not you have the money saved to both pay for your divorce and then live
comfortably after.
Consider Selling Your Home
You will often have to undergo a significant lifestyle change after your
divorce is finalized, which means you may need to move into smaller living
quarters. If you and your spouse cannot live on the divided assets alone,
you may want to consider selling your family home, which is likely where
much of your income has been tied up. Even if you don’t own your
home outright, you probably have substantial equity that both of you can
use to help bridge any financial gaps you may have in your plans.
Retain an Attorney
It’s pivotal you have experienced and knowledgeable legal counsel
on your side throughout your case when you pursue a divorce after 50.
Unlike a younger couple that has very little to lose, the property division
process is immensely complex in these cases, and you need an ally who
can stand up and protect your rights and your property. Before you begin
the process, be sure you speak with a qualified lawyer who has experience
handling a “gray divorce” case. Once you sign a contract and
retain their services, be sure to work closely with them and help them
do their job to the best of their ability in order to give them the best
chance of securing a fair and desirable solution.
The Framingham family lawyers at
Barach Law Group, LLC are dedicated exclusively to helping you through divorce and family law
matters. Our highly-personalized approach to each case we take ensures
that your goals are constantly the focus of all our decisions and that
we are keeping you and your needs at the forefront of your case. We remain
compassionate and respectful to you and your family, and we are always
working to help you obtain the best possible outcome to your situation.
We firmly believe everybody deserves high-quality legal counsel, and we
offer a wide range of flexible financing and payment options to help you
seek the representation you need at a cost you can afford.
Speak with an attorney now! Call Barach Law Group, LLC today at 888.209.7080
to arrange a
free consultation.