When older couples choose to get divorced, there are some noticeable considerations present compared to younger couple divorces.
Gray divorces – Divorces when someone is over fifty years of age has become more common as women have become more financially independent, life expectancy increases and social attitudes change. However, couples who divorce in their fifties, usually have a stronger reliance on the marriage and its financial aspects, making divorce at this age life changing.
Dividing property – Most states will divide property equally, however the longer the marriage, the more accumulated assets which can make division complicated.
Spousal support – Some states will offer temporary support to the lower earning spouse. In some cases, spousal support may be ordered for life depending on the circumstances.
Retirement accounts – Often retirement accounts will be divided between the couple.
Marital home – The marital home can be owned by one party or sold, and proceedings split. If one spouse keeps the home, they will have to give up rights to other properties or assets. Most often the marital home is sold to purchase two other forms of accommodation. It is also a good idea to look at tax exemptions that may affect the decision to sell the property.
Older couples should consult with a reputed law firm before commencing divorce proceedings, mainly because older couples will want smooth, quick proceeding to ensure that they can get on with their lives.