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Rising numbers of older couples who divorce raise concern

When older couples decide to end their marriage, there are usually a great number of issues to sort out, especially when it comes to property division. For most, the children have grown up and moved on with their own lives, eliminating any child custody issues. However, this may not always be the case if a Ballantyne couple are raising a grandchild, have adopted a child, or if natural children have been born into the family at a later time. It is also important too, for older spouses to keep in mind that divorce will likely have an impact on their retirement.

According to experts, divorce is more acceptable nowadays, leading to older people deciding to end a marriage they are no longer happy with. However, whether someone is divorcing a person they have been married to for over 20 years or have been with five years, it is important to keep in mind that getting divorced is going to have a large impact on them, financially.

It is common for couples to have planned for retirement together, but divorce means that their costs of retirement just doubled, especially if the couple plans to go forward with their original plan. This means that bank accounts, retirement plans, and other investments have to fund two separate retirements, two homes, two independent lifestyles, and other expenses. This can create unique challenges for people who are older and they may have to stay in the workforce longer or cut down living costs.

Divorce is never easy on a spouse and it can be more complicated when one spouse is seeking spousal support. It may be wise to meet with an attorney in order to understand what a fair settlement might be.

Source: USA Today, "Boomer divorce: A costly retirement roadblock," Rodney Brooks, Feb. 26, 2013

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