What financial concerns arise when divorcing later in life?
While people over the age of 50 are generally well-established in their life and their career, a divorce can throw that stability into disarray. People in this stage of their life face unique financial concerns when deciding to go their separate ways. What should older people consider when creating a strategy for their divorce?
One spouse may have a better picture of household finances than the other.
Especially when a couple has been married for some time, they may each have taken on specific roles in the household. This can leave you without a clear picture of your savings, debts and other financial details if your spouse has acted as the primary person managing household funds during your marriage. If it has been some time since you handled these affairs, it may take additional time and effort to collect information and get a clear picture of your household assets and debt.
Approaching retirement makes savings and benefits more important.
While younger couples may have only started saving for their retirement, older couples have generally made much more significant investments. However, if that long-term plan was made based on the needs of a married couple, dividing retirement savings and pensions between two households may fall short of what they need.
Older people also have less time before retirement — if they have not retired already — to rebuild their retirement savings to suit this new direction in life. This can make dividing retirement savings more contentious than it is for younger couples.
Healthcare can be a more significant — and costly — concern for older people.
Many older people find that their health is a more pressing concern, and that can lead to a number of questions during the divorce process. If you previously received health insurance through your spouse’s policy, how will you pay for care after your divorce? What is your plan for long-term care? Carefully considering these questions can be a key part of protecting your financial health in the future.
While older people often face unique financial concerns when ending their marriage, it is possible to create a strategy that reflects those concerns and supports your needs. Our attorneys have a long history of helping people in and around Milwaukee and Waukesha find a way forward during divorce and are experienced at handling complex financial concerns. Please do not hesitate to reach out to our lawyers if you have further questions.