The short answer is that you are never too old to get divorced. However, if you get divorced later in life, there may be a greater effect on your financial life. To account for this, there are certain steps you can take and factors to consider to feel more prepared for divorce at an older age. Below, we will explore some of those factors, from future living situations to retirement and more.
Considerations For Divorce Later In Life
To start, it is important to reiterate that you can get a divorce at any age. Regardless of when or why you choose to get a divorce, keep in mind that there are specific factors to consider if you are getting a divorce later in life, especially as they relate to your financial life. For one thing, if you have been in a long-term marriage, you will need to plan for what will likely be a significant increase in cost-of-living expenses if you intend to live on your own. If instead of moving into a place on your own you decide to move in with family, you may not experience the same financial burden, but you will have to decide with your family where you’ll stay and for how long.
Another factor to consider is your retirement plan. If you had been putting money into a joint retirement account over the course of your marriage, the amount in that account is likely subject to division during a divorce unless you had a prenuptial agreement in place. While this split won’t leave you with nothing, it will still likely cause a significant change to your plans (especially if you are nearing the age of retirement). It will be important to speak with a financial professional to create a plan that will allow you to feel comfortable about your finances in retirement. If you are already retired and considering divorce, take a look at a few of our suggestions for divorcing after retirement.
One reality of divorcing at an older age is that you will have less time to recover financially from your divorce. However, if you work with a financial professional to evaluate your cash flow, understand your savings, and make a suitable investment plan, you will be on the right path. Depending on your parental status, you may also have grown children to think about if you are divorcing at an older age.
Asset Division After Long-Term Marriage
If you were in a long-term marriage, it is likely that the majority of your wealth and financials are subject to division during a divorce. Of course, it is still important to keep proper documentation of your financials and assets. Even if you were in a long-term marriage, there may be certain items or accounts that are separate property rather than shared marital property. Take a look at our blog titled Divorce Settlement and Future Inheritance to gain a better understanding of how various assets or funds might be categorized.
Planning For Your Financial Future
Regardless of your age when you get divorced, it is important to think about your financial future to make sure that you and your family are taken care of. Speaking with a Certified Divorce Financial Analyst® will better prepare you to make healthy decisions about your financial future, regardless of your age. If you are ready to get the support to help you through this process, call us today at (877) 471-4654 to schedule your free initial consultation call.