Divorce is the last thing that many seniors want to worry about, yet late life divorce is a growing trend. At a time where the main concern is estate planning and retirement, thousands of seniors are opting to take on their golden years single. Although this growing trend may not have too much of an impact on family law issues like custody and child support, late life divorces do have the potential to impact a seniors financial well-being.
After a long and successful professional life, most retirees should be focused on enjoying the fruits of their labor. However, the financial implications that divorce carries may substantially impact a senior’s ability to enjoy their retirement. Depending on the assets they have obtained throughout their life, things like retirement accounts, properties and business interests may fall under the umbrella of marital property and be subject to division.
If a divorcing senior was extremely successful in their endeavors, they may be required to pay a substantial amount of alimony to their spouse, especially if their spouse remained at home for a majority of their marriage. For retired individuals, a large alimony payment may drastically cut into their income.
For many seniors, their marriage began long before prenuptial agreements were a commonly used tool. Without the asset and property protection provided by a prenuptial agreement, divorcing seniors may experience an extremely complicated and exhausting property division process. The divorce process and all the elements that go with it are typically quite complex. For seniors facing a late life divorce, the challenges they face may be even more complex. Working with a divorce attorney may help make the process easier to handle and may be able to provide seniors with valuable suggestions and advice.