Special Issues That Affect Seniors in a Divorce
A divorce can be a complicated situation, even when it involves younger persons, who have many income-earning years ahead of them. However, in the case of seniors who may not have the same income-earning opportunities younger people have after a divorce, the situation becomes even more complex. In fact, divorce can be a financial catastrophe for a senior unless he/she gets expert legal help.
There are several issues that can complicate a gray divorce, not least of which is the division of assets. You may want to consider retaining the house. As you get older, you may become eligible for certain real estate property tax exemptions, or even a reverse mortgage. That can provide you with a stream of income in the future.
Additionally, owning a house gives you a potential for rental income. These are issues that you need to consider, because the income-earning potential is dramatically lower at your age.
Also critical is the division of retirement assets. A separate order called the Qualified Domestic Relations Order is necessary to complete the division of retirement benefits.
Besides, there are specific health challenges that seniors can face with all the stress that is brought on by divorce. You may also be much more inclined to share challenges involving the divorce with your soon-to-be ex-spouse. This is a critical mistake, and usually happens because seniors may not realize that it is important to focus on their own interests in a divorce. It's important to be practical and focus on the fact that you have more years behind you than ahead of you, and it's important to plan very carefully for those years.