Navigating a Gray Divorce - Four Divorce Tips for Seniors
Getting divorced in your senior years? Also called gray divorces, they are not that uncommon. Divorces between couples 50 years or older have doubled since 1990, according to a study by Bowling Green State University. Although many of the usual issues such as child support and custody are out of the picture, other issues come into play. Here are some things you need to know.
Retirement Issues
The money that you set aside for retirement may be split in half, depending on which state you live in. The division will usually be covered by a QDRO (Qualified Domestic Relations Order). Laws about this can be complex, so contact an attorney to help you figure out everything related to your retirement funds before they are divided.
Social Security Issues
Social security isn’t divided, but you may be entitled to derivative benefits on your former spouse’s social security records. This only applies if you are 62 years or older and have been married for more than 10 years. If your former spouse dies, you may be entitled to survivor benefits. Contact an attorney for more information.
Estate and Will Issues
Who will keep the house? Whoever keeps the house will probably have to give up something else. They might receive lower alimony payments. Keep in mind that if you keep the house, will have to pay for expenses such as property taxes. Another thing you might want to consider is rewriting your will.
Contact an Attorney
Don’t attempt a complicated divorce by yourself. Get a lawyer to help you navigate issues such as retirement, social security, alimony, and more. Contact us today for help!