More and more older couples are getting divorced. Recent trends show that individuals in their 50s, 60s, and even 70s are choosing to leave their marriages and pursue a happier post-divorce future. Going through a divorce after a long marriage and getting divorced at an older age both come with certain complications and obstacles. If you are over age 50 and thinking about divorce, educating yourself about your rights and responsibilities is one way to avoid costly mistakes.
Remaining Ignorant of Your Finances
Ending a marriage is as much a financial separation as it is a personal separation. Typically, the longer a couple has been married, the more assets and debt they have accumulated. You and your spouse may own complex assets, investments, and retirement accounts that will need to be properly valued during a divorce. The lines between separate property, which legally belongs to only one spouse, and marital property, which belongs to both spouses, may have been blurred considerably. One way to prepare for divorce is to start inventorying your assets. Gather copies of tax returns, bank statements, credit card information, pay stubs, loan documents, retirement account information, life insurance paperwork, and other important financial documents. When you know exactly what you and your spouse own, you are in a much better position to negotiate a fair property division settlement.
Keeping a Home That You Cannot Afford
Regardless of how or why a marriage ends, divorce is an emotionally charged experience. However, it is important not to let emotions dictate your actions during a divorce. For example, many divorcing spouses balk at the idea of moving out of their home. However, before you decide to keep your house, it is crucial that you consider the present and future costs. Between the mortgage, utilities, taxes, maintenance, and repairs, you may find that keeping the home becomes too much of a financial burden.
Not Getting The Support You Need
Getting divorced at an advanced age can bring about difficulties personally as well as financially and legally. A proper support system including both professionals and personal friends or family members is key. In addition to your divorce lawyer, you may want to work with an accountant, real estate agent, mental health counselor, and other professionals. Asking for help early in the process may enable you to avoid mistakes that many people make during the divorce process.
Contact a Burr Ridge Divorce Lawyer
If you are over age 50 and plan to divorce, a distinguished Cook County divorce attorney from Botti Marinaccio, LTD can help. Our team understands the unique issues that older adults face during divorce and we are prepared to help you face those challenges head-on. Call our office at 630-575-8585 today to arrange a confidential consultation.
Source:
https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/