Divorces that occur later in life, after the age of 50, are usually referred to as gray divorces. These divorces can be a little more complicated compared to the ones that happen earlier in life, before wills, trusts, and inheritances come into play for most. Here are some common divorce issues that arise when splitting up later in life.
When you file for divorce over the age of 50, you put yourself into a financial problem right off the bat. You have less time to recover financially when divorcing over the age of 50. You will also have less time to recover socially and emotionally from the separation, unless you knew it's been coming for years.
An excellent piece of advice when divorcing after 50 is to hire a certified financial planner, specifically one that is a certified divorce financial planner. This professional will be able to help you understand the long-term view you need to have so you are making decisions that are good for you right now and good for you in the future.
Alimony in a gray divorce is an interesting topic. It may only come into play if one of the spouses is still working when the divorce is final and may only last for the remainder of the years the other spouse works prior to retiring. If the other spouse is already retired, then it is less likely that alimony will become part of the discussion when getting divorced.
Also, should one spouse have a pension that they acquired during the marriage, then this is a marital asset that can be split upon the divorce, along with other types of retirement assets.
An experienced family law attorney in Gaithersburg, Maryland, can answer all of your questions about gray divorce, alimony, and other topics when you decide it's time for your marriage to end.
Source: NJ.com, "Gray divorce? Splitting up later in life," KARIN PRICE MUELLER, June 13, 2017