What makes divorce after 50 tricky?
Indiana residents who are contemplating a divorce after the age of 50 should be aware of some important realities.
Getting a divorce is never what couples expected they would do when they got married. Yet, the reality is that many marriages in Indiana and around the nation do not last a lifetime. The challenges that people face during and after the end of their marriages are many but these challenges may also vary depending upon the stage of life that people are in when they get divorced.
For example, people who divorce when they have young children must learn how to parent their children together and cooperate even though they were not able to remain married. On the other end of the spectrum, people who divorce after their children have left home and may even be married with their own families do not have to deal with this. They do, however, have other unique challenges.
Divorce always has an impact on the kids
One of these challenges does involve their families. Even when kids are adults, U.S. News and World Report explains that adult children may still feel torn loyalties. Managing holidays between another parental or in-law house can add to the stress of such times.
Financial realities of a gray divorce
Beyond familial issues, people who divorce when they are very near or even at the age of retirement must be very careful. As pointed out by Forbes, these spouses have little to no time left to make up the financial losses they commonly incur when getting divorced.
Long-term alimony may be ordered. Retirement assets are slashed. Housing costs rise. Funds must be found to secure new health, life, property, long-term care and other forms of insurance. Obtaining these coverages after the age of 50 at a price one can afford may be difficult for many people.
Securing one’s future
When looking at what appears a bleak future, it is essential that people take the time to evaluate their options. This should include investigating their Social Security benefits, including divorced spouse benefits. Depending upon the length of a marriage and income earned by both spouses, it may be possible for a person to claim benefits based upon a former spouse’s earnings.
A growing issue
Researches at Bowling Green State University have found that as many as 25 percent of divorces in 2010 included spouses over 50. A whopping 48 percent of those were first marriages. Whether the issues leading to divorce were about growing wearing of each other, infidelity or something else, the emotional and financial challenges remain.
People who are getting divorced at a later stage of life should always get help from an experienced attorney. This is an essential step in protecting one’s financial future.