Financial considerations when divorcing after 50

On Behalf of | Mar 23, 2017 | Divorce

Going through a divorce in Mount Holly is never easy, no matter what a person’s age. However, for those whose marriages end after they are over 50, certain financial matters take on a special importance, particularly if only one person was the main breadwinner or handled all of the couple’s finances.

According to MarketWatch, the rate of divorce among those over 50 is on the rise. In fact, the rate has doubled in the last few decades. And things are even worse for those who have remarried after a prior divorce, as nearly half of all divorces of people over 50 in 2015 were not first marriages. Experts think that longer life expectancy and relaxed attitudes about divorce are some of the factors influencing the increase of divorce among older Americans.

Financial security post-divorce is especially important for those approaching retirement age. People in this age bracket who are splitting with their spouses should think critically about how much money they will need after the divorce to maintain a comfortable lifestyle, points out CNBC.

One proactive step that people can take is to learn as much about their finances as they can. This is important both in knowing what their assets are as a couple and how to manage things on their own as a single person. It may also be a good idea to review any retirement accounts and make any beneficiary changes if desired. Finally, one way to ensure that both people walk away from the divorce financially secure is to sell the family home and split the profits.