Divorce is rarely easy for anyone; however, if you’re over 50 and thinking of getting a divorce, there are certain factors you should consider beforehand. While divorcing is more common these days, those who divorce prior to 50 and those who divorce closer to retirement age face entirely different issues. For example, those who are over 50 and are divorcing often have much longer marriages to account for. You and your spouse may have been married for decades rather than years. This means you have decades of your life entangled with another person’s, which presents its own complications. The biggest change you have to consider is the alteration in your financial future.
If you and your spouse are separating, you need to ensure you have a budget for the divorce and for life after the divorce. During the marriage, you and your spouse likely shared the expenses, splitting the cost of homeowner’s insurance, mortgage, car insurance, and so on. After the marriage, either you or your spouse will need to find a place to live. The spouse that remains in the family home will also need to be able to pay the mortgage alone.
Likewise, you will also likely need to set up your own individual health care plan. If you are still working, this may be less of a problem. However, if you are retired, you might need to purchase an individual health care plan on the market.
Last, you and your spouse likely shared a retirement account that you both worked to grow. Most people plan to share this money during their retirement years. However, divorcing retired couples will no longer have the shared cushion of financial stability. It will likely be split equitably between the two of you. This means you might have to return to work or find alternative ways to save or make money after the divorce.
In addition to personal finances, you and your spouse also need to consider how you will pay for the divorce litigation. It’s often cheaper and faster to agree on as much as possible before beginning the divorce process. Because you will likely not have to worry about child custody, most of your divorce can be done with negotiation or mediation, which are alternatives to litigation. Collaborative divorce is often less expensive and can be just as binding as a courtroom if you and your spouse file the correct paperwork with the help of an experienced attorney.
If you would like to discuss your divorce and situation with a skilled lawyer, don’t hesitate to call us. Our Illinois divorce attorneys are experienced in helping people negotiate the complicated and often emotionally wrought process of divorce. We can offer you excellent family law advice that can help you decide on your future. Let us discuss your case with you in a free telephone consultation.
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