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Common Issues in Divorce after 50

Posted on in DIvision of Property

The phenomenon of couples who are over the age of 50 divorcing is becoming more common than it was in the past.  A study from the National Center for Family & Marriage Research located at Bowling Green University found that one in four people going through a divorce are over 50, compared to one in ten people in 1990.

It might be caused by a midlife crisis or a product of the empty nest syndrome.  But it is harder to plan for a divorce and the life afterwards because of various factors that are present later in a person's life.

The first concerns are medical.  As people advance in age, they are more likely to have health issues.  Having a partner is a comfort for sick people or those who are unable to care for themselves.  If divorce is a serious consideration later in life, then it is important to consider how existing medical benefits can take care of both spouses or who will pay for continued healthcare.

The second concerns are financial.  As people work towards retirement, they often place income into estates, IRAs or 401k's to plan for life after work.  Sometimes a divorce will delay those retirement plans due to the increased costs of splitting.  Retirement accounts and Social Security benefits are divided in the same way as other assets and debts.  It is increasingly important for those not able to re-enter the workforce to have a full understanding of their financial situation post-divorce.

If divorce is a serious consideration, the good news is that there is a more cost effective way to split from a spouse.  The process of collaborative law allows two spouses to work towards a common goal and save their retirement assets by staying out of the courtroom.  Contact a skilled divorce attorney in Wheaton with experience in mediation who can assist you through this transition in your life.

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