It’s a trend that researchers have seen for nearly 25 years—the number of people over the age of 50 who have been a party to divorce has steadily risen. Statistics show that, since 1990, divorces among the over-fifty demographic have doubled and among the over-65 group have tripled. Individuals in these age groups face challenges not found in younger adults in divorce.
The biggest challenge, for many, is ensuring that both parties will be able to meet financial needs after a divorce. Far too often, couples get divorced shortly after their children have left home. Many of those couples did little saving in the years before divorce, as much of their discretionary income went to meet the needs of their children. So they now find themselves without much of a nest egg at all, and little to nothing to divide in a divorce, other than the marital home.
One of the first things you need to consider, if you’re in your later years and headed for or involved in a divorce proceeding, is whether you’ll have the income and access to other financial resources to meet your day-to-day needs. You need to look at both the short-term and the long-term. You may be eligible for Social Security, but it could be a few years away. So here are some key considerations if you are involved in a divorce after age 50:
- What kind of retirement plan do you have? Are all the funds held in the name of one spouse only? If so, you’ll need to divide the retirement plan as part of the divorce.
- What do you have in savings or investments?
- What’s the potential for both parties to be gainfully employed, and what level of income is realistic?
- Do either of you need the marital home? Would it be in your best interests to sell the home and move into something smaller, so that you can have access to the equity in the home?
At the office of Joanne E. Kleiner & Associates, we have more than 25 years of family law experience. We’ll help you stay focused on what matters. To schedule an appointment with an experienced Pennsylvania divorce attorney, contact our office online or call us at 215-886-1266.