Unique Concerns for Divorcees Over 50

 Posted on December 31,2019 in Over 50

Going through a divorce is fundamentally the same process for everyone, regardless of their age. You need to divide the life you shared, including the assets you accumulated and the responsibilities you hold. Getting divorced when you are age 50 or older means you will approach some of these issues differently than if you were a younger couple. Your children are likely either adults or getting close to adulthood, which makes child-related issues less of a focus. However, there are other issues that can be more complicated during a gray divorce:

1. Health Insurance: Having good health insurance coverage becomes more vital as you get older and your healthcare expenditures likely increase. Divorce may disrupt your insurance if you are on your spouse’s plan. You need to find your own health insurance source until you are old enough to start receiving Medicare. If you are not eligible for Medicare based on your own work history, you can receive Medicare under your former spouse’s plan as long as you were married for at least 10 years and you have not remarried.
2. Retirement: Dividing retirement assets is an issue in all divorces, but divorcees age 50 and older are dealing with plans that are more mature and closer to being used. If your retirement assets are far greater than your spouse’s assets, you will likely need to share some of its value with your spouse because they are at the age where it may be too late for them to build up their retirement assets on their own. You and your spouse can negotiate whether you will share your retirement assets in one lump sum or through continued payments.
3. Estate Plan: People 50 and older are more likely to have created an estate plan for how to divide their assets upon their death and who should have the power to make decisions on their behalf if they are incapacitated. You can update these documents following your divorce to remove your spouse as the primary beneficiary. However, you might not completely cut your spouse out of your estate plan. For instance, you may agree to give your spouse assets upon your death as a replacement for spousal maintenance.

Contact a Kane County Divorce Attorney

If you have chosen to divorce after decades of marriage, you need to work with someone who is experienced in handling cases such as yours. A St. Charles, Illinois, divorce lawyer at Goostree Law Group can handle all of the complicated life issues that come with gray divorce. Schedule a free consultation by calling 630-584-4800.

Source:

https://www.secondsaturday.com/five-unique-challenges-of-a-gray-divorce/