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Divorce after 50: Issues to Consider at This Stage in Life

Posted on in Over 50

divorce-after-50We are living in a much different America than the one in which our parents and grandparents lived. Not only are we living and working longer, issues like divorce, remarriage, and parenting after divorce are no longer taboo to discuss and seek help with handling.

Gray divorce, divorces between couples who are aged 50 and older, have seen a dramatic increase in recent years. Many of these couples are in their first marriages, finding that they no longer want to remain married after decades together. Other couples in this category are ending their second or subsequent marriages, finding themselves facing challenges they did not face with their first divorces. If you are over the age of 50 and considering filing for divorce, understand the issues that are relevant to your situation by working with an experienced divorce attorney.

How Divorce Will Affect Your Retirement Benefits

Getting divorced will have an effect on your retirement and pension benefits. If you set up a retirement account during your marriage, this account is considered to be marital property and subject to division between you and your spouse by the court. This is true even if the account is only in your name.

Individuals who were married for 10 years or longer may receive Social Security retirement benefits on their former spouses' records if they meet the following requirements:

  • They are age 62 or older;
  • Their own benefits entitlement is less than the former spouse's benefit amount;
  • The former spouse receives social security retirement or disability benefits; and
  • The individual seeking the benefits is not married.

How Your Retirement Will Affect Your Child or Spousal Support Obligation in the Future

Although retirement might be ten or more years in the future for you at the time of your divorce, it is important to keep it in mind when planning for your new financial obligations after your divorce. You might be required to make spousal maintenance or child support payments based on your current income. When you retire, your income will be significantly lower, possibly making it difficult to cover these payment. This could necessitate a modification to the child support or spousal maintenance order in the future.

Voluntarily retiring early can have an affect on your eligibility to modify your child support or spousal maintenance order. If you are considering taking this route, talk about it with your attorney to determine how it can affect these financial obligations.

Work with an Experienced Illinois Divorce Attorney

Divorces can be difficult no matter how old you are. For the guidance you need when you are working through a divorce, whether you are 25 or 65, contact our team of experienced Kane County divorce attorneys at the Goostree Law Group to schedule your initial legal consultation with our firm. We can answer the questions you have about divorce and retirement and provide you with legal advice tailored to your specific circumstances.

 

Source:

http://www.npr.org/2014/02/24/282105022/older-americans-breakups-are-causing-a-graying-divorce-trend

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