Financial Considerations for Late-Life Divorces

When a marriage has lasted for many years, divorce can often be more difficult than it would be for a couple whose relationship has been shorter-lived. In these situations, a divorce is often a life-changing event, one which will dramatically impact nearly every aspect of the lives of both spouses. This is particularly true in regards to financial matters.

Married couples, particularly those who have been together for a long period of time, often share most or even all of their finances, and most of the property held by a married couple is held jointly, meaning that neither partner is fully in ownership of most of their belongings. Furthermore, debts, mortgages, and other financial issues are also commonly held by both partners. In these circumstances, a divorce settlement that is satisfactory for both spouses can be an incredibly complex thing to achieve.

In addition to these factors, couples whose marriages have endured for many years and who are later in life may not be in a secure financial position to support themselves independently. This is particularly true if one spouse has chosen to take time away from their career to raise children or support their partner’s career goals. In these circumstances, it is critical that some form of financial arrangement between the two parties be made in order to ensure that neither spouse suffers unnecessarily as a result of the divorce.

In light of these various financial issues arising from late-life divorces, it is important to take the time to consider all of the factors related to your finances when considering divorce in order to be fully prepared if these issues do eventually arise. The following is a brief list of some of the various issues that older couples who are pursuing a divorce should take into account when considering a divorce:

  • Ÿ  Division of property/assets/debts
  • Ÿ  Financial support arrangements
  • Ÿ  Costs of pursuing a court-settled divorce
  • Ÿ  Pension/retirement plan details
  • Ÿ  Tax exemptions
  • Ÿ  Social Security retirement benefit plans

These and other issues relating to late-in-life divorces should be discussed with an attorney or a mediator before any final decisions are made by a couple regarding how their divorce should be arranged. In many cases, an attorney can help both spouses to reach a more favorable outcome than they might have otherwise realized was available to them.

Leave a Reply

Your email address will not be published. Required fields are marked *