Financial concerns in a late-life divorce

Divorce among retirees in California and throughout the U.S. is becoming more common than it ever was. In fact, a study by the National Center for Family and Marriage Research determined that the divorce rate among individuals over the age of 50 doubled between 1990 and 2014. Furthermore, people over the age of 65 are getting divorced at even higher rates.

Some researchers say that seniors are more likely to separate these days because divorce has become more acceptable in the society. A couple that has raised children together may decide to get a divorce when their children move out of the home and they realize that they are no longer compatible. Even if late-life divorce has become more acceptable, it is still a very complicated process for a couple to part ways after being married for decades.

There are usually a lot of assets to divide in a late-life divorce. If a divorcing spouse is retired, they will have to figure out how to live as a single person on a fixed income. Keeping the marital home after a late-life divorce may be unreasonable because the home will be a greater expense than a single retired person can afford.

One of the most important things to figure out in a late-life divorce is the division of retirement assets. A divorced spouse may still be entitled to receive a portion of their ex-spouse’s Social Security benefits as long as the marriage was long-term. An attorney may be able to help a divorcing spouse sort out financial issues and negotiate for a fair settlement in the divorce process. If a person earned significantly less money than their soon-to-be ex-spouse, an attorney may help the person negotiate for spousal support.