Getting Divorced Later In Life? 3 Things To Consider
Posted on: 4 July 2016
Divorce doesn't always happen to young couples, since it's very possible for an older couple to get a divorce too. When this happens, there will be some different things that should be considered that a young couple doesn't have to think about. There is not as much time for dealing with financial recovery after a divorce due to factors like retirement. Shared assets may be considered bargaining tools that can help you get what you really want as well. Keep that in mind when you figure out what you want to end up with after a divorce.
Retirement and Social Security
Spouses that have been married for 10 years or more can be eligible to receive social security earned due to the former spouse's employment credits. When your own social security benefits result in you receiving more money, you can switch to your benefits once you qualify to start receiving them. If your former spouse dies after your divorce, you're also entitled to receive your survivor's benefits as well.
In addition, you're also entitled to receive part of the retirement benefits from a former spouse, and they are entitled to yours as well. You should have the assets of retirement benefits assessed by a local actuary, and request a percentage rather than specific dollar amounts due to shifts in the stock market.
The Home
There are pros and cons to being a homeowner as you get older, with some of those benefits including exemptions on property taxes, Medicaid exemptions, and using a home as an income source. Your home can be partially or fully rented out for additional income, or the property may help you get a reverse mortgage. Consider this income when making negotiations for the home.
It's possible that your former spouse may see a home as a burden, especially when they are not the one that did maintenance and repairs. They may view an apartment as being best for their lifestyle now, which can help you keep the home if you do want it.
Alimony and Health
If you developed a health problem that does not allow you to work, alimony payments will be necessary for you to live your life. Even healthy people can receive alimony if they need time to get an education to get back into the workforce.
For more info about going through a divorce later in life, work with a lawyer in your area that has experience with these types of divorces.
Contact a legal group like Eschbacher Law to learn more.
Share