Divorce happens for a number of reasons, regardless of how many years you have spent together.
Recent research published in the National Library of Medicine indicates that people over the age of 50 account for 36% of divorces. While any divorce comes with complications, couples that have built a life together for decades often face extra hurdles.
1. Asset division
While new couples starting out have limited assets, you likely have a house, investments, retirement savings, Social Security, and other assets. Divvying those up requires more consideration for people closer to retirement than graduating college. The financial side of divorce highly impacts older adults. Along with potentially fewer ways to earn income, dividing a nest egg may affect your lifestyle.
2. Beneficiary review
Divorce requires significant effort, which makes it easy for important items to get forgotten. One that often tops the list relates to life insurance. All of the years you have had a policy, your spouse was probably the beneficiary. While some divorced couples keep that the same, many want to ensure that children or other family members receive the funds.
3. Special savings
Couples who have already developed an estate plan may have set aside specific amounts of money to help children pay for college or a wedding. Although you will need to redo a personal estate plan after the divorce, ensure that any funds already allocated to your children stay out of the regular asset division.
Divorce requires careful consideration to ensure you and your former spouse receive an equitable settlement, especially in your later years.