June 16, 2021 | Share
Special Considerations for Divorce Over Age 50
Divorce is not easy at any stage in life, but couples divorcing over the age of 50 face some concerns and potential problems that are often not as relevant for younger couples. While there used to be a tendency for older couples with irreconcilable differences to remain married and miserable, now these couples often choose to divorce and move forward with their lives independently.
McKinney divorce lawyers recognize that couples separating later in life need to address certain issues that can be largely ignored by those divorcing in their 20s, 30s, or 40s. Child custody may not be an issue, but many other facets of life need to be considered and planned for when couples over age 50 divorce.
Divorce Could Affect Your Ability to Retire
The financial picture changes when one household splits into two due to divorce. Those who are 50 and over may have a planned retirement date based on an understanding of the amount they needed to cover anticipated expenses. And then divorce throws all those calculations out the window.
A family law attorney who understands financial considerations in divorce could review assets and projected income and expenses to help determine whether retirement goals remain on track or whether it may be necessary to change work patterns or re-enter the workforce to maintain the quality of life after divorce. Alimony and other financial matters may be handled differently in situations where one spouse has not worked for a considerable time or may have medical issues that interfere with employment.
What Happens to Pension Plans and Retirement Accounts?
Property division issues can be complex in any divorce situation, but when divorcing couples are older, the challenges increase. To begin with, assets that are part of retirement accounts and pension plans often make up a considerable portion of a couple’s marital property, and these assets are not valued and divided as simply as other assets such as funds in bank accounts.
Depending on the situation, some retirement assets may be treated as separate property rather than marital property. Divorce lawyers in McKinney who understand the practical side of both estate planning and divorce could help couples determine how retirement assets should be valued and split.
Issues More Common for Couples Over Age 50
Couples over age 50 often do not need to negotiate visitation schedules or haggle about child support because their children are legal adults. However, they may need to address funding for college expenses, including how to split any debt they may have incurred to pay for education.
While someone can receive an inheritance at any age, individuals over the age of 50 may be more likely to face inheritance issues as parents and other relatives pass due to causes related to advanced age. Inherited assets may not be treated as marital property, but they could become marital property depending on how they are handled. Working with McKinney divorce lawyers well versed in Texas community property laws could help couples protect their rightful property.
Consult a McKinney Divorce Lawyer Familiar with Divorces Over Age 50
Before couples can address the special considerations that affect their situation, they need to recognize the potential problem areas. Working with experienced McKinney divorce lawyers who have helped others manage issues involving retirement, asset division, college expenses, and other areas can allow you to face the future with confidence when divorcing at later stages in life. For a free consultation to find out how the dedicated team at Nordhaus & Nordhaus could assist in your situation, contact us now.
Categories: Family Law & Divorce