Divorces involving older couples are becoming more common in Pennsylvania and around the country. What is known as the gray divorce rate has more than doubled in the last three decades, and property division and spousal support negotiations tend to be more complicated when spouses over the age of 55 are involved. These talks frequently touch on complex financial matters, so it may be wise for spouses to prepare themselves thoroughly even if a bitter court battle seems unlikely.
Since 1990, the divorce rate has doubled for those who are over the age of 50. There can be a variety of negative consequences for older Pennsylvania residents and others who experience the end of a marriage. Research has discovered that those who go through a divorce at an older age may be more depressed than those who lost a spouse. The financial impact can be significant as well.
For some people in Pennsylvania, prenuptial agreements seem to be a matter only for the wealthy or major celebrities. After all, prenups can be an important mechanism to protect people with major assets, family businesses or large inheritances in case of a divorce later on. However, many people of all financial backgrounds can benefit and protect themselves through the use of premarital agreements. Investing in a prenup early on can save not only on attorney fees but also on the more fundamental expenses that can come with a divorce down the line.
In Pennsylvania and across the United States, married couples often feel stress when they decide to get divorced. In addition to emotional issues, couples must divide their accumulated assets and debts. Student loan debts are more complicated because the court needs to determine which spouse must pay back the loan. One common rule is that a student loan debt occurring before the marriage belongs to the person who took out the loan. The other spouse is not normally accountable for the loan because the court deems it as separate property.
A person in Pennsylvania who is going through a divorce might be concerned if a higher-paid spouse loses a job during the process. The lower-earning spouse might be worried about whether the spouse can continue paying support during this time or even worried if the spouse is being entirely truthful about the circumstances around the job loss.
Women ending a marriage in Pennsylvania have many things to consider. If there are significant personal or professional assets involved, one of the main things to consider is finances. Women in this situation are typically advised to gather certain important documents before officially untying the knot.
Many older Pennsylvania residents will remember a time when husbands were expected to be the primary bread winner. However, that expectation is no longer the norm. In today's world, almost 40% of wives earn more than their husbands. While some couples are fine with this arrangement, it may lead to marital problems. According to a 2016 Harvard University study, there is a 33% higher risk of divorce among couples when the husband earns less than the wife.
Some divorcing spouses in Pennsylvania may be concerned about how to balance a professional life with a marital separation. One important strategy is to compartmentalize the divorce from work life. Things may arise during the work day, but soon-to-be exes should try to set aside a certain amount of time to deal with the divorce and focus on work the rest of the time.
Typically, there are still actions that need to be taken after a divorce in Pennsylvania has formally concluded. First, it will be important to make changes to a health care policy. If a person was on a former spouse's policy, it will be necessary to find a new individual policy. If a spouse was on his or her ex's policy, that person will need to be removed as soon as possible.
When couples in Pennsylvania get a divorce, one partner may decide to keep the marital home. Even in this situation, both spouses might decide that they will remain on the joint mortgage. This can be risky because a missed payment will affect both of them even if only one spouse is still living in the house and paying the mortgage.