When you reach your senior years, you may not be considering a divorce as something that you’d ever go through with. You’ve made it this long in your marriage, and you have a solid life built, and intertwined, with your spouse’s.
That’s why it was a shock when your spouse announced that he or she wanted to get a divorce. It’s alarming, as well, because there’s not much time left for you to work or change careers to support yourself.
There are some things that may help you handle the divorce more gracefully, though, like the fact that most long-term marriages end with permanent alimony in place. Unlike with younger couples, the likelihood of older people going back to work is low, so alimony is a must for their financial security.
Another thing you should consider is your retirement income. It’s likely to be divided in half, since you won’t have your spouse with you in the same home. However, if you get the house or other large assets, those could help offset the loss in retirement income if you sell.
Although you’re older, remember that your kids can still be a factor in your divorce. Fortunately, it’s unlikely that you’ll have to deal with child support or visitation. Unless your children are disabled or require financial support for other reasons, you and your spouse are likely not going to need to worry about child-related expenses in the courtroom.
It’s hard to deal with a divorce when you’ve spent years of your life together. However, this could be a new start if you take the time to come up with a fair settlement.
Source: U.S. News, “7 Things to Know About Divorcing During Your Senior Years,” Mayalene LaPonsie, accessed Feb. 13, 2018