Today, the divorce rate for individuals over the age of 65 is three times what it was in 1990. There are many different factors that contributed to this rise in “gray divorces,” such as Americans living longer and a reduced social stigma around divorce.
Couples who divorce at later stages in their lives have very different needs and considerations to make than younger couples. One big difference between these divorces and divorces among couples in their 20s, 30s, and 40s is that usually, couples over 50 no longer have minor children and thus, do not need to develop parenting plans or create child support orders. This does not mean their divorces are any less complicated than divorces between parents of young children, just that they are different. Below are a few important issues that older divorcing couples face.
Your Retirement Plans
Your retirement accounts are marital property, which means they are subject to equitable distribution in your divorce. The court will likely divide your retirement accounts through a qualified domestic relations order (QDRO), which ensures that an alternate payee, the spouse whose name is not on the account, receives his or her fair share of its contents.
Changing Your Estate Plans...