When we think of divorce, most of us envision young couples that simply haven’t had enough time together to learn how to work out their differences. Sadly, divorce is something that happens in all age categories. In fact, research is showing that a growing number of couples over 50-years-old are calling it quits. From empty nest syndrome to financial difficulties, looming health problems and the feeling of living with a stranger, there are many factors that can tear older couples apart. While no one wants to get a divorce, they are a fact of life – and one that comes with serious financial consequences. We’re working to help you get the best outcome from your divorce!
Financial Issues Are The Main Focus Of Divorce
While younger couples may consider difficulties with visitation and child custody to be forefront in their minds, older couples have usually already seen their children grow up and move away. At this point, a divorce centers more around finances, and, sadly, the split can send many individuals into financial ruin. Retirement savings are split apart and no longer as valuable, there is no hope of working harder to pay off debts, and there is little time to invest remaining assets. The financial issues are so intense that divorced men see their income decrease by as much as a fourth while women can see almost half of their income fall away.
Know What You Own
As sad as it is to admit, when couples go through a divorce they can quickly become arch-enemies. Rather than looking out for one another, they are more likely to try to take the other person to the cleaner. If you see a divorce in your future, you should take a good account of all your assets including savings, retirement plans, investments, and real estate.
Know What You Owe
Just as important as understanding your assets, it’s also vital to know how much you owe to debtors. While it may seem like you will come out with a lot of money in a divorce, some states require you to pay half of your partner’s debt in the breakup even if you have a pre- or postnuptial agreement.
Don’t Cling To Your Family Home
Getting the house in the divorce may not be the success that it seems. Consider the repairs and maintenance that will be necessary to keep up the property along with taxes and insurance costs that you will now have to cover alone. Will you actually need a house that large once you are on your own? Will you even want the old memories that it contains? You might do best to sell the house and split the profits during a divorce.
Contact a Lawyer In Advance
If you are over 50 and planning a divorce, it is vital that you get in touch with a lawyer well in advance of filing. A lawyer can help you to understand the best way to navigate the financial aspects of your unique breakup and discover what your life may look like after the divorce is finalized.
Contact us today to learn more about older age divorces and how we can help ensure the best outcome during this difficult process.
The attorneys at Sadek and Cooper Law Offices have handled hundreds of divorce, custody, support, and mediation cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008.