Divorce issues affecting older spouses

On Behalf of | Aug 1, 2022 | Divorce

Do older couples face unique issues in a divorce? A recent article suggests that perhaps the most striking difference for Americans in this age group – over 50 years of age – is the psychology of how they adjust to their newly single status.

More complex assets

Of course, couples that have been married for 10 or more years may have more financial assets and property division issues than younger divorcing couples. From equity in real estate to earnings in retirement accounts, older divorcing couples may benefit from a consultation with an experienced divorce attorney.

For example, retirement assets such as pension plans, IRAs or 401(k) accounts might have significantly appreciated during a marriage. To the extent such equities were held before the marriage, however, there might be a portion that is excluded from the marital estate and belongs solely to the account owner.

Getting help to move forward

An attorney might have the insight to request an independent financial valuation in potentially confusing marital asset issues – such as beneficiary designations and jointly held equities. An attorney might also be able to offer perspective on how other divorced spouses – from all age groups – approach the task of starting a new chapter in their lives.

From selling the family house to relocating, an attorney can offer help to individuals to budget for their future and set long-term goals. Finally, for those areas beyond the expertise of an attorney – such as returning to the dating scene – there are an increasing number of support groups, often targeting specific age groups, to help the newly divorced.