Retirees today may outlive their parents by as much as 30 years. Divorce after retirement can be a bittersweet consequence of an extended lifespan. Unlike the career or child-rearing phase, your golden years can present unique challenges, as some couples struggle to live together full-time, especially when there are conflicting financial goals and bucket lists.
Additionally, statistics prove that the divorce rate has almost doubled for those over the age of 50 who marry late in life or have already been through one or more divorces. It is important that the outcome of your divorce does not shortchange your golden years.
Mediation first
When your only solution is a late-in-life divorce, there are financial matters, such as property division, that you may have difficulty in understanding. Professional mediation and arbitration are essential tools when splitting a lifetime of assets. The collaborative law process in your state requires specific legal action, and some options include customized mediation and alternative dispute resolution to resolve individual concerns over asset divisions. Rather than going directly to a court judge, mediation allows you and your ex to try to resolve any disputes amicably with the assistance of a mediator.
Pension rights
A gray divorce often includes pension income, which is usually a joint asset in marriage. Each party has specific pension rights. Pension division is usually done at the time of the divorce with other assets. Some states are set up for direct payments to former spouses. Safeguard your pension income by submitting court orders for a divorce plan that takes into account your specific state pension laws.
Practical results
Ensure that you discuss your concerns and can live comfortably with the agreement before signing the final divorce decree. Your divorce attorney may carefully explain every step of the process and go over the details so you can make an informed decision about matters that will have a lasting effect on your life.
