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Key factors to consider in a gray divorce

On Behalf of | Feb 28, 2022 | Divorce, Estate Administration |

If your marriage breaks apart when you already have grown-up kids or are nearing retirement, there are unique challenges that you will face. There are several important aspects of your life that you should secure. It is also important to make sure your rights are upheld during the divorce process. Consider the following when entering into a divorce later in life:

Your retirement savings

When divorce happens later in life, you may not be able to go back and work for your retirement. The savings may not be enough to sustain you through your sunset days. Come up with a plan on how to manage your savings and to get your rightful share of the assets to sustain your lifestyle.

Social security

The court does not divide your social security benefits at the divorce trial. However, you qualify for benefits based on your spouse’s earning history if you earned significantly less income during the marriage.

However, you must have been married for at least a decade and be at least 62 years of age. You should also remain unmarried after your divorce, and your spouse should be entitled to disability or social security retirement benefits.

If the former spouse dies, you may be entitled to survivor’s benefits if you are aged 60, currently unmarried and the marriage lasted longer than a decade.

Spousal support or alimony

If your spouse earns significantly less than you and the marriage has lasted for a long time, you may be required to pay alimony. The court usually scrutinizes your spouse’s income, earning potential, education, and general health when determining the amount to award them.

If you are the lesser-earning partner, you may need to look at your budget and make some lifestyle changes to live by the amount that the court awards you.

Life and health insurance

If you have divorced after the age of 50 and qualify for Medicare, you may still be eligible for health coverage and Social Security benefits. However, you must be at least 65 years old to qualify or disabled if requesting coverage when under 65 years old.

On the other hand, you may not be eligible for most private insurance policies as they consider your marital status. However, life insurance is considered a means of providing certainty and security for both partners. If your spouse is entitled to spousal maintenance, they are also beneficiaries of the life insurance policy.