Although many divorces occur when couples are in their younger adult years, more older couples than ever are pursuing divorce as empty nests encourage couples to re-evaluate their goals.
Filing for divorce after age 50 comes with some unique considerations.
What happens to the house?
A family home after an empty nest is often a home filled with memories of the children growing up. If it is important to you to keep the house, negotiate a buy-out or trade equally valuable assets for a fair settlement.
How do you handle retirement funds?
By this stage in life, both of you have contributed to retirement funds in preparation for your older years. If you both contributed to each other’s retirement funds, it is important to consider fair and equitable settlements so that you both can preserve your retirement goals and your financial stability. If you raised the children and do not have a retirement fund, you were dependent upon your spouse’s retirement. You can seek half to help you plan your retirement years.
Should you pursue alimony?
If you raised the children in lieu of being in the workforce, your spouse was the financial contributor. A divorce can leave you uncertain about your financial future while you look for work. Alimony can help you sustain your way of life and make ends meet until you have a job of your own that is sufficient to pay the bills.
Filing for divorce after you turn 50 means giving careful consideration to your retirement and your future financial stability.