An increasing number of Americans are getting divorced at a later age. While this situation may have been considered unusual a few years ago, more and more couples are discovering the unique characteristics of these so-called “gray divorces.”
SBMediationLLC, an expert divorce mediation specialist serving residents of the Denver Metropolitan Region, with 10 convenient locations, recommends keeping the following factors in mind if you’re considering a divorce in your senior years:
Spousal Maintenance: While spousal maintenance for younger couples is typically temporary, set to expire when the lower-earning spouse gets back on his or her feet, courts typically order Spousal Maintenance payments for life for older couples.
Division of The Assets: Regardless of which spouse started the divorce process, any retirement assets and savings will likely be divided evenly. If you’re offered more of the assets in exchange for reduced Spousal Maintenance, you should consider the tax status of those different assets before making a decision.
Real Estate: While you may be emotionally attached to your marital home, keeping it is often a bad decision for your future. As assets are divided evenly, gaining possession of valuable real estate often means giving up something else.
Children: Child custody issues that make divorce so hard are, not usually a factor in divorces of older couples, but you may still have to consider the feelings of any children and help them find closure, as well.