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Couples who divorce later in life face unique concerns

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Couples who divorce later in life face unique concerns

| Mar 22, 2021 | Divorce |

You may be among those who decide to end their marriage after many years, even many decades.

Later-in-life divorce is no longer uncommon. However, divorce after the age of 50 will affect you in many ways and you will deal with some unique issues.

Dealing with time

The first issue you face with a later-in-life divorce is that you no longer have the time to start over in terms of going back to school for a degree or beginning a new career as you would have in your younger years. However, you can think about a job that can supplement the alimony you receive. A second income stream is a good idea in case the primary income stream should cease.

Recovering financially

Remember that divorce basically cuts the nest egg in half. When you divorce later in life you must divide all the assets that have accumulated during years of marriage: the marital home, retirement and investment accounts and vehicles as well as credit card debt, a mortgage and more. In your post-divorce life, you will be looking at a new and probably leaner budget and you will likely have to downsize your lifestyle. Going into property division, learn all you can about your current finances and what tax implications to expect, and try to bring your future financial picture into focus.

Looking ahead

If you are ending a long marriage, you must prepare for the emotional, social and financial impact. Remember that you need not go through the divorce alone. Consider joining a support group. In addition to your attorney, rely on professionals such as a financial planner and perhaps a divorce coach who can address your concerns and help you make a confident transition to the next stage of your life.

 

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