According to research published in The Wall Street Journal, the number of people who get divorced after the age of 55 has seen a considerable rise over the course of the past few decades. There are a number of factors that are contributing to the high divorce rate among elderly people. One of these factors is that divorce is more socially acceptable today than it was in the past. Another factor is that more elderly couples are running into issues that cannot be resolved during retirement. Divorce is never an easy process, but it can be especially difficult for people in their later years. If you are getting a divorce later in life, there are a few things you should think about beforehand.
For some elderly people, the financial repercussions of getting a divorce can be catastrophic. Experiencing a rise in one’s standard of living later in life can throw retirement plans off track or make it hard for spouses to maintain the marital house on a single salary. According to USA Today, senior citizens who have been divorced may face retirement costs that are 30–50 percent higher. Divorcing in your senior years means you’ll have less time to pay off debt and make up for potential financial losses. In addition, if senior citizens have already left the labor force to pursue retirement, their potential earnings are significantly reduced.
Concerns Regarding Social Security
People who have reached the age of 62 and whose marriage has lasted for 10 years or more but has ended in divorce are eligible to receive retirement benefits through the Social Security record of their former spouse. This can be accomplished without causing the ex-benefits spouse’s to be reduced. After the death of a current or former spouse, the surviving spouse’s former spouse may be eligible for Social Security survivor payments. If you want to know whether or not you can file for Social Security benefits following the dissolution of your marriage, you should discuss the matter with a knowledgeable divorce attorney.
One partner in an older couple would typically take charge of insurance-related responsibilities, such as keeping up with monthly bills and policy revisions. Following the conclusion of the couple’s divorce proceedings, the partner who was not in charge of managing these responsibilities will be need to purchase their own individual insurance policies. If the person has never dealt with these problems before because their former partner always took care of everything for them, this can be very intimidating.
Keeping an Eye on the Big Picture
In a gray divorce, one of the many considerations that is typically required is coming to terms with the possibility of requiring long-term medical care and making plans for one’s last wishes. This is just one of the many concerns. It is highly advised that you update your estate plan both throughout and after the divorce process, as well as make preparations for the requirements and expenditures of long-term medical care in the event that you may need it.
We are pleased to serve senior citizens who are contemplating divorce.
We at Justice Legal Group are familiar with the specific difficulties that senior citizens frequently face in the course of their divorce disputes. You need someone on your side who has years of expertise practicing law and a thorough understanding of the law to advocate for your best interests, and our legal team has both. To ensure that your case objectives are met, we ask that you get in touch with our legal company so that you may have a conversation about what’s going on with an experienced attorney.
You can get in touch with us at our website to schedule a consultation or call us at 505-880-8737.