For couples over the age of 50, the beginning of the calendar year is a prime time to file for divorce. Between 1990 and 2013, the divorce rate has doubled for couples over the age of 50, and those who remain single after divorce may encounter financial difficulties. Research shows that 30 percent of divorced single women over the age of 62 are living at or below the federal poverty line.
Of men who divorce after the age of 62, 14 percent of them are in poverty. There are many reasons why older people who get divorced may have financial issues. Two of the biggest reasons include the fact that many investments held by older folks are not liquid, and there is greater salary uncertainty as workers get older. To further complicate matters, it can be difficult to divide Social Security benefits among those who have been married for more than 10 years.
However, older folks who are going through separation are opting to go through the collaborative divorce process. This involves both parties working together to create a long-term plan that ideally benefits both sides. Typically, folks over the age of 50 want to preserve relationships with adult children or grandchildren. They also know that working together is the only way to retain access to pensions or other assets that cannot be liquidated by only one party.
Getting divorced at any age can be a complex process. Even if the divorce is an amicable one, it may be worth it in the long run to talk to a family law attorney. An attorney may be able to help an individual get everything that he or she may be entitled to under state divorce laws. Legal counsel may also be able to take steps to negotiate a settlement without going to court.