The divorce rate amongst Americans over the age of 50 has doubled in the last 25 years according to the Pew Research Center. There are a number of reasons to consider when asking why this is happening. For one, second marriages are twice as likely to end in divorce as first marriages, so many older people are more likely experiencing divorces in their second or third marriages. However, a significant amount of divorces happening in this age bracket are couples married for 30 or more years, getting divorced for the first time. Therefore, we don’t know exactly why couples over 50 are getting divorced more now than they used to be. It could be the desire to explore options that have previously been unavailable due to work and raising children. Below are some common negotiations these boomers will have to experience when getting divorced.
Things to Expect in a Divorce After 50
- Property division: Personal items, including homes and cars and everything in-between, need to be split up accordingly. Any remaining debt on these items needs to be allocated appropriately so it can be paid off, which can become tricky.
- Alimony: This only will apply to some couples. If one spouse made much more than the other, the court may order the higher earning spouse to pay alimony to the other until they can become more financially independent.
- Retirement Accounts: Money in retirement plans like IRAs will most likely need to be shared, and the money will probably be rearranged.
- Estate Planning: The plan for who will receive your assets when you perish will need to be remodeled following a divorce.
As with any kind of divorce, things can get complicated. Contact a Lewisville divorce lawyer today to help answer your questions about complex divorce issues.
The Julian Firm, P.C. has proudly served families from Plano to Arlington and all the surrounding North Texas towns in family law matters