If you are seeking a divorce and are over the age of 50, you are not alone. Divorce among adults between 50 and 70 are on the rise. We are living longer, have more money and want to get more out of life, not remain stuck in an unhappy or unfulfilling marriage.
The good news is that for most of us, by this time in life the kids have grown up and flown the nest so there is no need to worry about child support or child custody. However, there are many other factors to consider during divorce. Many who have stayed home with their children may have to brush up on their skills to be marketable in today’s workplace. There are social security and retirement decisions that must be made and buying a home may prove more challenging as we age. Spousal support may be necessary until retirement or pensions kick in. The tax consequences from a partition can also be substantial.
People seeking a divorce who are over 50 are a perfect fit for my practice. Because they are wiser and more practical, they realize early in the process that an amicable approach to the divorce with good legal guidance is the best fit. Spending lots of money fighting in court is not in either party’s best interest. Work with a settlement-friendly attorney who will give you sound legal advice and refer you to a neutral financial and tax expert who can help and your spouse separate your property and resolve your financial issues fairly and quickly and avoid tax consequences.