There’s no age limit on divorce, or on the myriad reasons you may have to seek one. If you are divorcing later in life, however, there may be particular issues or questions that loom large in your divorce and that affect your future in ways that younger couples may not face.
If you’re considering a divorce during your later or senior years, you’re not alone. According to one study by Bowling Green State University, the divorce rate for U.S. residents ages 50 and older has doubled in the past twenty years. Here’s what you need to know when considering a divorce:
- Be ready to discuss alimony.
Alimony, or spousal support, is more commonly granted when the divorcing spouses have been together for one or more decades. Whether you expect to pay alimony or to receive it, prepare for the conversation and figure out the role these payments will play in your future plans.
- Examine your retirement options carefully.
Retirement funds and assets are split evenly in many Connecticut divorces, regardless of the respective ages of the divorcing spouses. This means that your retirement may be cut in half. Although you can make some negotiations, such as giving up more of your retirement to avoid paying alimony, be careful to work with an accountant or financial advisor to make sure you fully understand the tax implications of any decision.
- Don’t count out your kids.
Although your children may be adults, the divorce may still affect your relationship with your children – both personally and financially. For instance, if you and your spouse are providing financial support for an adult child, you’ll need to discuss the terms of this support during the divorce. You’ll also need to be prepared to talk to your kids about the divorce and its implications for your future.
- Do talk to your lawyer about updating your estate plan.
Your estate plan may include your spouse as your personal representative, or it may divide your assets in a way you wouldn’t want after the divorce is complete. Make sure the lawyer who handles your estate plan knows about your divorce – and that your experienced divorce lawyer knows about your estate plan.
These general guidelines can help you start thinking about the implications of the separation. For answers to specific questions, speak to a qualified Connecticut divorce lawyer. Please call us at (860) 560-8160 for insight into your challenges.
For more information, check out some of our blog posts on the topic: