Couples tend to move apart after a few years of marriage. This could happen due to a variety of reasons – they might just fall out of love, grow emotionally apart, find themselves unable to agree even on simple issues, have constant fights, etc. So couples heading for a divorce in their 20s, 30s,or 40s is common.
After 50, it was a little rare until a couple of years back. But today this has changed. People live longer today and are also healthier, hence“50 is just a number.” Whatever the reason, more couples end up getting divorced. Many divorce lawyers in Long Island can attest to the growing number of divorce cases in the country.
New Issues They Face
- Besides the usual emotional issues involved in separation at any age, couples above 50 have several other factors to examine.
- They are at a stage in their lives when the income generation must have stopped or nearing closure.
- Valuation of all assets should be undertaken properly as there is bound to be more of them to consider.
- The primary residence, other real estate property, retirement benefits, various investment portfolios, cars, etc., should all be considered. Only a proper evaluation will ensure a fair division.
- For the division of retirement benefits, you will need to go to a separate court which will cover this concern. There you will get a ‘Qualified Domestic Relations Order’.
- Similarly, if you receive social security benefits, this cannot be divided easily. There are many rules governing this aspect. Your lawyer is best qualified to explain this to you as your age and the duration of your marriage have to be considered.
- Insurance coverage also weighs in. You need to get individual coverage now.
Decisions on whether the living spouse will receive the benefits if the other dies should also be considered. The mode of filing of income tax individually will also be raised. You should also think about whether you will be entitled to retirement plans and if any loan repayments are due against an existing plan, how that will be repaid, and similar issues.
Since there are more issues to consider if you are above 50, hire a tried and tested divorce lawyer before you make a move on getting a divorce.
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