Later in Life Divorce
There is no age limit on divorce. There is no cutoff date on any of the reasons you have to seek a divorce.
If you are over fifty and considering a divorce it is important to understand you are hardly alone. The divorce rate for U.S. couples ages 50 and older has doubled in the past twenty years. It shows no sign of abating, especially in the wake of COVID.
A later in life divorce, however, does raise a set of issues and questions that will affect your future in ways not applicable for younger couples. These differences are important, vital to your future and should only be addressed with attorneys with experience in ‘later life’ divorces. Like the attorneys at Northwest Family Law.
Here is what you need to know if you are seeking a divorce and are fifty or older.
Be Ready To Discuss Alimony
Alimony is more common for spouses who have been together more than ten years. It will be part of the discussion. Whether you expect to pay or receive alimony, it is best to prepare from the outset while exploring the role these payments have on your future.
Examine Your Retirement Options Carefully
Retirement funds and assets may be split evenly regardless of the respective ages of the spouses. Those consequences are as obvious as they are sobering: your retirement income may be cut.
The attorneys and staff of Northwest Family Law have a long history of working with accountants, financial advisors, and estate attorneys to ensure that you have explored and understand the income and tax implications of every decision you may face during the divorce process.
Don’t Forget Your Kids
Your children may be adults, but that does not mean a divorce won’t still affect your relationship with your children – personally and financially.
If, like many parents, you and your spouse are providing financial support for an adult child, you’ll need to discuss how that support will continue after the divorce. Most importantly, you need to be prepared to talk to your children about the divorce and its implications for the future.