While most people may believe that divorce is more prevalent among younger couples a new study has revealed that divorce after 50 is a growing trend.
How this changes the divorce settlement landscape
In divorces for younger couples often child custody and support issues are at the forefront. Once the child issues and property issues are resolved, typically the procedure moves forward to dissolution.
However, for after-50 divorcing couples, the needs and focus generally lie elsewhere. For example, child custody and support may not be an issue at all if the children are grown and no longer living at home.
Typically the issues that need to be considered for over-50 couples divorcing include:
• Health insurance
• Life insurance
• Retirement accounts/pension benefits
• Spousal support or other financial assistance
• Social Security and Medicare eligibility and benefits
• Asset protection trusts for children heirs
• College tuition costs
• Co-owned businesses
Also, the process of selling the family home can be problematic if the property is worth less now or the couple is underwater with their mortgage.
In addition to the emotional aspects of divorce, an older couple needs to analyze the problems that affect them because of their age and stage of life. You may be past the major earning years and if so, evaluating and dividing assets will require careful analysis.
Discuss your unique divorce circumstances with a Long Island divorce attorney
If you are considering divorce after 50, an experienced divorce attorney can be an invaluable resource in getting you through the process. If you are parents and grandparents together, mediation or a collaborative law approach to your divorce may be a better fit than litigation to resolve your issues. Talk to an experienced divorce attorney to discuss your specific circumstances and to answer your questions about divorce.