Divorcing Later in Life
Divorce is one of the toughest things anyone can go through, especially when the divorce is later in life. There are particular factors and concerns to consider when divorcing at an older age. At Wilson Law Firm PLLC, I aim to help advise my clients so they know what to expect in a divorce. I strive to help them consider their options based on their age and financial position.
Let’s discuss the most important things to keep in mind when going through a divorce later in life. Call me at Wilson Law Firm PLLC in Shawnee, Oklahoma. I also proudly serve clients in Chandler, Norman, Okemah, and Ada.
Why Do People Divorce Later in Life?
People divorce all the time. However, a silver divorce is not a common occurrence. Let’s explore the most common reasons for divorcing later in life:
Infidelity. Infidelity can happen at any point in life. However, it can be even more significant later in life, especially after a long marriage.
Financial pressures. Financial pressures change the older you get. Older folks may deal with the prospect of funding their retirement. Additionally, medical bills and long-term healthcare needs may pressure a family’s finances further. Ultimately, financial pressures can erode a relationship, leading to a divorce.
Regrets. Regrets about earlier decisions can lead to divorce later in life. For instance, moving to a city against one’s will can lead to lingering feelings of resentment that only grow with time. Ultimately, such feelings can boil over into a divorce.
Need for more independence. Living within a family for decades can restrict a person’s independence. Once children move out, older folks may wish to regain some more of their independence. This desire for more independence can lead to a divorce later in life.
Please note that there may be other reasons for divorcing later in life. Ultimately, it is crucial to prepare for the consequences of a divorce.
Considerations When Divorcing Later in Life
Divorcing later in life raises several issues. Here are the key elements you must consider when facing a divorce:
Division of assets. The division of assets is the biggest consideration to keep in mind. Generally speaking, the assets are split 50/50. Nevertheless, there may be reasons for a different type of split. For instance, one of the spouses may be entitled to an entire property (instead of a 50/50 split) if they can prove they paid the mortgage on their own. Other assets to consider include joint bank accounts, investments, vehicles, and any other valuables. Personal property is usually exempt from this consideration.
Alimony. Alimony is always a serious consideration. Remember that the spouse in better financial condition often supports the other spouse. This consideration becomes even more significant when one of the spouses suffers from a chronic health issue or is disabled. Note that alimony is based on total income. This income includes Social Security payments.
Retirement. Divorce is typically a costly affair. As a result, it may set your retirement savings back substantially. This situation may influence your decision to avoid a divorce. If you choose to move forward, you may see your retirement fund take a significant hit.
Life insurance. Life insurance policies will need to be amended to remove a spouse if they are the main beneficiary. However, joint life insurance policies may require you to decide who gets to keep it or cancel it. If a whole policy has accrued enough cash value, you may sell it and split the proceeds.
Social Security. You can expect to continue receiving your personal Social Security payments. However, things change with your spouse’s Social Security rights. Divorced individuals forego benefits derived from their spouse’s Social Security upon divorce.
Mistakes to Avoid When Divorcing Later in Life
Here are the most serious mistakes to avoid when divorcing later in life:
Neglecting to produce an inventory of assets
Failing to know your total debt burden
Ignoring your total expenses
Withholding financial information from your spouse
Underestimating your retirement funding needs
These mistakes can put you in a tough spot during divorce proceedings. That is why it is always best to anticipate these situations as soon as possible and call an experienced divorce attorney.
Finding the Right Family Law Attorney in Oklahoma
Going through a divorce is never easy. It is even worse if you go at it alone. But, you don’t have to. The professionals at Wilson Law Firm PLLC are here to help. I deliver to clients my personal guarantee to do my best to help them through these difficult times.
To protect your rights when divorcing later in life, go with a trusted name in Shawnee, Oklahoma, and neighboring areas, such as Chandler, Norman, Ada, and Okemah. Call Wilson Law Firm PLLC today. We are eager to answer all of your questions.