Older people get divorced for many of the same reasons as younger couples financial strain, addiction, abuse and infidelity can all cause the breakup of a marriage. However, if you are over 50, these reasons are supplemented by the realization that you have more time behind you than you have ahead.
Older married couples face certain issues that can influence divorce decisions, such as the loss of independence and failing health. Divorce affects older people in different ways, but the main difference is in the amount of time available for financial recovery. If you are considering a later-life divorce, consider the challenges listed below.
Post-Divorce Division of Assets
Division of assets is one of the most contentious parts of a divorce. An asset’s market value isn’t the only consideration to be made, because some assets are more beneficial the older you get. For instance, deciding who gets to keep the marital home can be difficult for many reasons. Those over 62 are eligible for reverse mortgages, as well as property tax waivers and exemptions. A P.C. Pouslbo WA can give you more information on the exemptions for which you qualify.
Retirement Worries
Division of retirement assets can be complex, requiring your attorney’s attention as divorce papers are prepared. You may require a QDRO (qualified domestic relations order) to handle the division of retirement assets. Before making a decision, ask your plan administrator for a copy of the plan description, and ask LINDSAY & LINDSAY – ATTORNEYS AT LAW when you can take distributions without penalty, whether you will still be eligible for survivor’s benefits, and whether you can take hardship withdrawals.
Social Security
SS benefits are not a dividable asset, but benefit rules have an effect on your income after divorce. If you were married for a decade or more, and you’re 62 or over, you can get benefits on your ex-spouse’s SS record without a reduction in their benefits. You might be able to get up to half of their benefit amount, and you can begin collecting at 62 on your or their record. Once you reach retirement age, you can switch to your or their benefit, whichever is higher.
Divorce is difficult no matter your age, but older couples face special circumstances and concerns. By hiring the appropriate Attorney in Pouslbo WA, you can get through an impending divorce with the lowest possible level of economic hardship.
