Divorcing past the age of 50 can have a major impact on the economic well-being of spouses in New York and across the country. While the financial impacts of divorce can outstrip the emotional concerns for people facing the end of a marriage at any stage of life, these issues can be exacerbated among couples who make the decision to divorce later in life. This is particularly the case as the two spouses have significantly less time to stage a financial recovery from the expenses and asset division that accompany divorce. Retirement funds that were accumulated to provide for both spouses in one household will now need to be divided and support two separate lives and the mounting expenses that accompany them.
However, despite the concerns over the financial impact, an increasing number of older adults are deciding to divorce. In the past 20 years, the divorce rate among Americans over 50 has doubled, a trend that has continued to grow. The number is even higher for adults over 50 in their second or third marriages.
Due to the complications involved in an elder divorce, accountants advise both parties to protect the assets at stake during the end of the marriage in order to preserve the highest amount possible of the couple’s retirement savings. A collaborative divorce can involve both spouses working with their lawyers to reach an amicable and mutual agreement on asset divisions, helping to lower court costs and legal fees that can accompany a lengthy divorce.
While divorce later in life can carry some particular concerns, the end of a marriage can be challenging during any stage of life. A family law attorney can provide important counsel and strong representation on matters including asset division, child custody and spousal support. A lawyer can help protect a divorcing spouse’s assets and work through the financial complexities.