Divorcing after 50 brings unique challenges that do not always exist when younger couples separate.
Knowing to expect these obstacles may allow divorcing spouses the opportunity to plan and address the issues before becoming problematic.
One or both spouses lack the ability to earn future income
When couples divorce, each person has to become financially independent. While spousal maintenance may offer some money temporarily, both people should expect to support themselves long term. When one spouse was the sole income earner in the marriage, it may be difficult for the other spouse to enter the workforce without recent employment experience. This situation often leaves one or both spouses with economic hardships, especially as retirement age approaches.
Assets may hold emotional importance to both spouses
In long marriages, couples may acquire many belongings that both people value. Whether the items represent memories of raising a family or treasures from high-valued collections, the assets get split in a divorce. Negotiations are necessary to decide who keeps what and how one spouse can repay the other when keeping contested items.
Estate planning documents require modification
Many middle-aged adults have wills, advanced care directives and life insurance policies. Most of the time, married couples name their spouses as the person benefiting from these accounts. Couples should review all estate planning documents during a divorce and decide if they want to remove their ex-spouses from the policies.
Divorcing after 50 brings unique challenges for both spouses. To help navigate your situation, contact Travers & Travers at 281-492-2166 or through our website.