There’s no age limit on divorce. There’s no cutoff date or limit on the many reasons you may wish to seek one.
Divorcing later in life, however, does raise a set of particular issues and questions that are somewhat thorny and can affect your future in different ways than had you divorced at a younger age. These are important differences and only apparent to attorneys with experience in ‘later in life’ divorces.
If you’re a little bit older and considering a divorce, you’re not alone. The divorce rate for U.S. residents ages 50 and older has doubled in the past twenty years. As COVID ebbs, it shows no sign of abating. It may, in fact, be increasing.
Here’s what you need to know when considering a divorce:
Be ready to discuss spousal maintenance
Spousal maintenance is more commonly granted when the divorcing spouses have been together more than ten years. On the other hand, spousal maintenance may be unavailable if spouses are already living on retirement income, or nearing retirement. Either way, spousal maintenance will be part of the discussion. Whether you expect to pay maintenance or to receive it, it’s best to prepare from the outset while exploring the role these payments may or may not play in your future plans.
Examine your retirement options carefully
Retirement funds and assets are marital assets. Wysocki Law collaborates with accountants and financial advisors to fully explore and understand the tax implications of any decision you might have to make as your matter moves forward. We can and will explore alternatives.
Don’t count out your kids
Your children are adults. That does not mean a divorce won’t affect your relationship with your children – personally and financially. If, like many parents, you and your spouse are supplying financial support to an adult child, you’ll need to discuss how that support will continue after the divorce.
Most importantly, though, regardless, you need to be prepared to talk to your kids about the divorce and its implications for the future.
Talk now. Putting it off will create rifts where there didn’t need to be any.
Update your estate plan
Your current estate plan almost certainly includes your spouse in many roles. Heir, executor, personal representative, or more. This will need to be corrected as soon as possible – probate courts are filled with cases that have ground to a halt because of this [very] basic mistake.
Wysocki Law can help with your later in life divorce.