Divorce is a challenging experience for couples at any age, but it is particularly difficult for those over the age of 50. While gray divorces used to be rare among older couples, it has become a growing phenomenon in recent years. If you are over the age of 50 and getting a divorce, continue reading to learn more about some of the obstacles you may face.
Challenges Older Spouses Face During a Divorce
Getting a divorce at a later stage in life can present a lot of predicaments for spouses, especially when it comes to retirement benefits. Older individuals are often either retired or towards the end of their careers, so dividing wealth can be detrimental to the plans they may have for their golden years. Keep in mind that whatever assets you accumulated throughout your marriage will be considered marital property and subject to division, so if most of your retirement assets were accrued after your trip down the aisle, your former spouse will get a share of them.
Of course, you likely accumulated more than retirement assets during your marriage, which will also be divided during the divorce. When it comes to lengthier marriages, determining the value amount of each spouse’s property will be even more challenging, especially since separate property may get comingled.
Health insurance also plays a big part in a gray divorce. If a spouse is receiving coverage through a spouse, this will automatically be terminated after a divorce, which can be a major blow, especially health is a serious issue for the uncovered spouse.
Despite all the challenges you will face during a gray divorce, you can overcome them if you effectively plan and prepare for it. Hiring an experienced divorce attorney can set you on the right path.
Reach Out to Our Skilled Divorce Team for a Case Review Today!
If you are over the age of 50 and about to embark on a gray divorce, the legal team at Arnel Law Firm can provide the knowledgeable advice you need to navigate it. Our team has more than 40 years of combined experience and is dedicated to securing the best possible results for every client we represent.
Call our law office today at (718) 550-3024 to set up a free initial consultation with a member of our team to learn more about your legal options and how we can help.