A recent article in The Journal of Gerontology reported that the rate of divorce among older Americans is on the rise, with 1 in 4 people over the age of 50 getting divorced, a rate that has doubled in the last 20 years. Divorce in this age group is increasing because:
- People over 50 are more likely to be in a second (or later) marriage, which has higher rates of divorce.
- An empty nest can make a couple realize they have nothing in common once their children are gone.
- Couples who stay together for their children tend to divorce once those children leave.
- The increase in age expectancies means people have more years in which to divorce.
Getting a divorce after 50 can be daunting if you had planned on growing old together. Planning for a future on your own can be distressing and feel overwhelming. Suddenly you are planning for a single future, one that may be very different from what you had envisioned for yourself. There are many factors you need to think about when you divorce at this stage of life.
- Retirement planning. It is important to meet with a financial advisor and create a new retirement plan for your future. Your divorce will likely divide some retirement accounts and include provisions for Social Security Income, so it is important that you understand what you will have to live off of and how long it will last you.
- Senior living needs. You might have thought that you and your ex were going to take care of each other for many years. Now that you are single, it is important to give some thought to how you will get the care you may need in your older years. A long-term care specialist can help you assess your options.
- Your budget. You may not be able to remain in the marital home and even if you do, your monthly budget is likely to be significantly lower. Your attorney can discuss alimony (spousal support) and how it may impact you. Planning a budget that will meet your current needs is an important part of working through your divorce.
When you are facing a divorce at any age, DeTorres & DeGeorge is ready to provide compassionate representation. We serve Pittstown, New Jersey and the surrounding areas. Call us today at 908-284-6005 to discuss your case.