While divorce is never easy for anyone, older couples have an additional set of challenges that they need to account for. These days, divorce amongst older Americans is on the rise, which is why we thought it would be a good idea to cover this topic in this week’s blog post.
As you’ll see, most of these challenges are finance-related ones. This is primarily because older couples may not have always been banking on going without the other partner’s income. In addition, older adults might have trouble finding work if they are just now entering the workforce.
Property Division and Retirement Accounts
Retirement accounts, pensions, 401(k)s, and other savings accounts will be subject to division during the divorce process. This can place a huge burden on an individual’s future finances, especially if their prime earning years are behind them.
The length of the marriage, as well as other factors, determine how property and retirement accounts are to be divided. Each case is unique, and the best way to get an idea of what to expect is to speak with a knowledgeable attorney.
Access to Health Insurance
Furthermore, if a person has access to his/her health insurance via their spouse, he/she will likely lose access after the divorce. This could be a serious issue, especially for those who are suffering from a host of health issues. On top of that, spouses could see themselves removed as beneficiary from life insurance policies once the divorce dust settles.
Impact on Adult Children
Another often overlooked issue when it comes to divorce between older couples is the impact that it can have on adult children. The separation can cause emotional stress on top of the newly-added financial pressures of ensuring that both parents can take care of themselves. Adult children are often also asked to pick a side, which can drive a wedge between family members.
Talk to a Knowledgeable California Divorce Attorney
Needless to say, older couples who are looking to get a divorce have a few more considerations to make as they plan their next moves. Regardless of your age however, anyone who is planning to get divorced in CA needs to consult with a qualified legal professional.
Learn more about this and other matters relating to child custody, divorce, and family law by contacting us at R & S Law Group, LLP. We offer free initial consultations, so don’t hesitate and call today.