For a variety of reasons, more couples are divorcing later in life than in previous generations. Divorce for couples over the age of 50 presents some additional challenges that each spouse and their attorneys need to be aware of.
Reade Law Firm, PC educates clients about the potential impacts of the wide variety of decisions they will make during the divorce process so that they can develop a plan for the best possible future. We alert you to possible concerns and find creative solutions that work now and in the days to come.
Property Division
Whether you have been married for decades or just a short time, a divorce at this stage in life often involves considerable complex assets. Since Massachusetts does not particularly separate property owned before the marriage, a court can grant both spouses a share of real estate, family heirlooms, or a business that one partner has held on their own for some time, unless the couple has executed a pre or postnuptial agreement specifying otherwise. An experienced attorney may be able to convince the court that certain property should not be divided as marital property.
Retirement accounts, real estate, and investments often make up a considerable portion of marital property for couples divorcing over age 50, and these can be difficult to value and divide equitably. If one or both spouses own an interest in a closely-held business, this adds a further layer of complexity to property division. Your attorney should understand how to advocate effectively for your share of assets and assist with planning to maintain the value of your assets.
Medical Issues Often Play a Role
When couples divorce later in life, they are often in a situation where both spouses have been covered by medical insurance provided by one spouse’s employer. The divorce settlement needs to provide for insurance and medical needs of the other spouse when that employer coverage is no longer available. These costs can be challenging to predict and may require consultation with outside experts.
If one or both spouses are aware of medical conditions that have or could soon affect their earning ability, it is also important to take those factors into consideration, particularly when it comes to alimony.
Family Expectations
Couples divorcing over age 50 often do not have minor children in the home and do not need to engage in custody battles. However, that does not mean they do not encounter family complications.
Often, adult children may be relying on promises made by one parent or expectations that have never been fully discussed. For instance, there might be an expectation that parents will pay for a wedding if a child gets engaged or that they will help pay for a child or grandchild’s education, orthodontia, or other needs. It is important to discuss these expectations during the divorce process and agree whether and how these expenses will be covered by each spouse after the divorce.
Work with Reade Law Firm, PC to Find Your Best Way Forward When Divorcing After Age 50
In addition to the issues described above, your divorce will involve numerous other factors that need to be considered in careful detail. Our experienced team can help you carefully review each issue, evaluate every option, and help you find the right solutions for your future.
We work to negotiate beneficial solutions out of court whenever possible, but we are always laying the groundwork to succeed in litigation when necessary. Let Read Law Firm advocate to protect your interests in divorce. Schedule a consultation now to get started.