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Two things to consider when divorcing over 50

On Behalf of | Sep 22, 2021 | Divorce

The divorce rates for older individuals are on the rise. Since the 1990s, the trend of “elder divorce” has taken center stage for many studies as the overall rate of divorce decreased.

There are many reasons that couples over 50 decide to divorce. However, in all of these cases, there are two financial matters in particular that individuals should consider.

1. The personal aspect: Future financial plans

We discussed in a previous post how an elder divorce can involve some financial contradictions. For example, couples collect more assets during a longer marriage. On the other hand, they often have lower earning capacity as they near retirement.

That is why individuals over 50 must rethink their personal financial plans and strategize for the future. This includes:

  • Their overall budget
  • Living expenses
  • Retirement plans

Older individuals should consult experienced financial and legal advisors if they are considering divorce. That way, North Carolina residents can prepare to protect their finances effectively during the process of dividing their marital property.

2. The family aspect: Estate plans

Preparing one’s personal finances for the future after divorce is important. However, what about the family’s financial future? An estate plan is a critical aspect of their overall financial plan and future. It is also something individuals should not overlook when they pursue a divorce.

For example, it might be necessary to:

  • Revise who will inherit assets
  • Choose someone else to manage the estate, assets and finances
  • Change beneficiary designations on financial accounts

Evaluating these two aspects is critical in any divorce. However, it is even more important later in life for individuals to get their financial plans in order amid the significant life changes divorce can bring.