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 617-819-1805 to arrange a free consultation.