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Consequences of Divorcing Later in Life

There are consequences of divorcing at any time in life. You now have half the assets you had before. Plus, you may have more debt than you previously had due to paying lawyers. 

If you are younger, you have a longer amount of time to recoup your losses because you have several more years of employment. However, if you divorce later in life, you do not have time to recoup your losses. You may be nearing retirement or already retired. Therefore, you may not have time to restore your financial stability from future earnings. You may now be on a fixed income of just social security, or you may have social security and a pension. You may need to continue working when you previously thought you could retire. 

According to a Bowling Green State University, Ohio 2022 study, since 1990, divorce rates have been falling. However, for people over 50, they have doubled. For people over 65, they have tripled. The study also found that women divorcing after 50 saw a forty-five percent decline on average in their standard of living. The study found that the key is coming to terms, both practically and emotionally, that your retirement is going to look different than what you thought. Being willing to adjust accordingly is the key. That is why it is crucial when you are divorcing to speak with a financial planner. You should also obtain from Social Security how much you will receive from it. You should also determine if it is more beneficial to take your social security or stay under your spouse’s social security. 

You should also evaluate that, if you receive alimony, your spouse will move to terminate alimony when they retire at 65 or later, and that you will probably no longer have that income to rely on after your ex-spouse’s retirement. These are issues to contemplate when you are divorcing later in life. 

You may need to adjust your standard of living and be flexible in these adjustments. That is why it is crucial to see a financial planner before and during the divorce process. You want the equitable distribution that you will receive to benefit you. 

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and arrange an initial consultation. You may also visit my website at: https://www.annmariegildenlaw.com 

This article is for informational purposes only and does not form an attorney-client privilege.