Divorce For Seniors
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Divorce For Seniors

Seniors seem to be getting divorced more frequently as time goes on and there are several critical factors you need to consider if you're getting divorced after the age of 60.

First, you need to understand how you can protect yourself (particularly your assets) in a divorce - and having the right information is critical.

Divorce as a senior is much different than as a young married couple. Even though visitation and child support aren't issues that dominate a senior divorce, there are other issues important to seniors younger couples don't have to deal with.

Your home and the other assets you've acquired over the years are bigger potential issues at your age compared to a younger couples divorce. This is because your home is often worth much more from the equity build up than younger couple only a few years into a mortgage.

You might even have more than one home – in fact, two are fairly common today thanks to the stock market run up from 1983- 2007.

So when you divorce the taxes and the tax costs that come with selling a home can become one of the more difficult issues to get past.

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After your home(s) the second important issue to think carefully about if you're over 55 and divorcing is a retirement plan.

Many seniors (and that might include you) have retirement vehicles such as pensions and 401(k) plans, and when divorcing, they will become a major point of negotiation with your spouse.

If you have substantial amounts in these plans, it is critical you think through how you plan to present the division of these assets to your spouse - and yes, you will have to divide the assets. Don't leave it to your lawyer.

As someone over 55, as you think through what your life will be like after your divorce, it is important to consider the level of asset protection you need for your future.

If one of you has more liability exposure when it comes to your assets, this needs to be factored in to your J & D. So, be sure to either research this yourself or ask your lawyer where to get information on how to deal effectively with ths issue.

Another obvious, but often times overlooked factor you need to consider is that after age 55 you don't have as many years of working and saving left as you would if you were 35 or 45 years old

The fact of the matter is your standard of living will decrease as your savings decrease and you have to plan for this eventuality

Amoung the other factors you need to remember about senior divorce is to talk with your children about beneficiary designations.

Insurance is another strong factor to think about when you are divorcing after 55. In many instances people have a substantial cash values tied up in these policies and where cash is involved, these can become another difficult negotiation point.

Also, don't forget to look at any will or any other documents you have created between you and your spouse.

In conclusion, don't simply rely on the information you might think you know.

Get as much solid information about divorce for seniors as possible, because accurate information helps you understand what you can and can not do and how to get the best deal as you go through your divorce.

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