Divorce After 50: How It Differs and What You Need to Know
In any situation, getting a divorce can be a very concerning and complicated process. Figuring out an equitable division of assets and liabilities can be a particularly messy situation, especially when getting a divorce after the age of 50. In fact, there are fewer options than earlier in life making this age of divorce much different for several reasons.
With divorce after 50, things like social security and pensions become a larger issue. Division of 401k and IRA assets must be given careful consideration. Each spouse will need to form a post-divorce plan taking into account the current value of assets and income, as well as the impact on future retirement. Unlike younger couples, who may not have set up their wills, issues of estate planning for older couples can cause a great deal of conflict during the separation process. Splitting up retirement assets is not always an easy task. One cannot expect their assets to be split 50/50, with the outcome to be “fair.” The courts are bound by state divorce laws that may differ, depending on where you live.
Divorce after 50 is a complex matter and it’s important to being aware of your personal rights, options, and what the future outcome may look like. Competent counsel will help ease the stress. Finding a qualified attorney, like our team at Schulz Stephenson Law, who is highly experienced in all different cases of divorce, is the first step.
We recommend that you seek guidance in discovering the positive and negative economic possibilities resulting from a divorce. Once you obtain an absolute divorce without pending claims for things such as alimony or equitable distribution, you cannot go back. Any effort to acquire income or property from your ex-spouse will probably be too late at that point. Schulz Stephenson Law will provide legal counsel that will help individuals through the process, and prevent issues from being overlooked. Don’t wait until it is too late!