After years of marriage, a divorce can present a drastic pivot in a person’s life direction. Spouses who may be older, having spent a significant amount of time together, means that adjustment after the separation and divorce could be emotionally grueling. You’ve spent your life living beside and working with a person to build your life. The dissolution of that relationship can create multiple hardships for a person.
Understanding the long-term impacts of a divorce
Despite the intense emotional toll that divorce takes, those going through the process later in life are aware of this event’s financial implications. Marriage is as much of a financial arrangement as it is an emotional one. Spouses plan out their life during that relationship, so when a marriage leads to a divorce, there are many considerations for spouses.
Pensions: Later life divorces, sometimes called ‘gray’ divorces, may include pensions as part of the marital property. Pensions can be a very complex asset to divide as it requires ongoing distribution and coordination with the disbursing institution.
Retirement accounts: Depending on the structure of investments in a retirement account, division could require extensive assessment.
Children: Given that people who have later life divorces often have adult children, child custody isn’t typically a factor in the proceedings. Children tend to be older, possibly with families of their own.
Real property: The division of multiple properties can be tricky if they have varying values. Sometimes a property must be sold before the value of it can be divided between the two spouses.
Thinking about the future
Despite the turmoil a divorce can cause, each spouse can have an opportunity to begin a life lived on their own terms. You have good options when a spouse files for divorce. Help is available. Find legal counsel that can guide you through this challenging process.