Is it Worth Getting Divorced When You’re Over 50?
It’s been happening for some time now.It’s not that you and your spouse hate each other — it’s just the spark is no longer there. Although the topic of divorce has been brought up a few times, you and your spouse decided to stick together for your children’s sake. Years go by and one by one, your children leave to start their own lives. Before you know it, the house is empty of children and your retirement is right around the corner. Suddenly your spouse is bringing up the topic of divorce again. Although you want your freedom, is it really worth going through the process at your age?
Surprisingly, getting divorced over the age of 50 is becoming a more common practice. Recent numbers show that a quarter of all divorces involve people over 50, a number that has doubled in the past 20 years. If you are one of the thousands who are considering divorce, realize that there are several pros and cons you should keep in mind.
Like with any divorce, there are many financial considerations to keep in mind, such as the value of your IRAS, any 401(k) accounts, and Social Security benefits. Be aware that your retirement assets may be divided between you and your spouse, so you may not retire when you were planning on it. So although you may not have to worry about child support or custody, you still have to figure out a way to divide your assets and debts.
However, getting a divorce at any age is a great way to start over. For instance, if you’ve been a homemaker your entire life, then a divorce can give you the financial freedom and independence you may have been craving throughout your entire marriage. And of course, you can always embark on a new love affair.
There are many things to keep in mind if you are planning a divorce at any time in your life and it’s best to seek legal representation. Contact the Law Offices of Anthony Carbone today for a free consultation.