According to Pew Research, American adults who are 50 years of age and older are divorcing at a stunning rate — divorce rates have nearly doubled since the 1990s. Statistically, Baby Boomers are healthier and living a lot longer than the average retirees of the past. The surge in divorce rates later in life can be one of the unintended consequences of longevity.
However, regardless of the reason or the statistics galvanizing the number of divorcees, it is still a painful experience. Divorce can be messy, with support systems being threatened, trust deteriorating between family members, and strained relationships with loved ones. However, when it comes to divorce later in life, other intersectionalities come into play like financial independence, dual investments, and relationships with adult children that makes divorcing later in life a comparatively unique experience.
Effect of Divorce After 50
One of the most challenging aspects of divorce later in life is sifting through investments and separating joint accounts, contracts, and funds. Two sources of income that was used to support one household will now have to deviate; and if you have already retired, you may be stuck to a fixed income.
A house, for example, is a part of marital assets. Divorce should figure out the value of the home and divide it accordingly. However, emotions may get in the way, with one person in the marriage wanting to stay in the house. Social Security typically isn’t impacted, as long as the person who is claiming their spouse’s benefits isn’t remarried.
It’s natural for emotions to run high during this time — but it is essential that you adhere to a vision of what you want your life to look like after divorce, and take proactive steps and conjure up a realistic spending plan so that you end up in a situation that you will be comfortable and happy with over the long haul.
If you’re buying a home to retire in, consider moving close to close family members and friends. You want to be close to your social circle and support system so that you do not fall into isolation.
You may need to enter the job force. Even those who have comfortably retired may need to return to the workforce to make a living, which is especially true for women over 65, who risk falling beneath the poverty line. When reentering the workforce, it’s important to be flexible. Update your resume with relevant skills that you have garnered while retired.
About Wall & Wall Attorneys at Law, P.C
Wall & Wall Attorneys at Law specialize in divorce settlements, catering to the city of Salt Lake City and surrounding communities. We speak English and Spanish, with an interpreter at hand for other languages. If you’re curious about how you can come out of your divorce without a headache, then take advantage of our free 30-minute consultation @ (801)441-2388