Avoid These 12 Mistakes When Divorcing Over 50

Avoid These 12 Mistakes When Divorcing Over 50

As we age, we seek more meaning and fulfillment in our relationships. However, recent studies indicate that divorce rates among couples aged 50 and over are rapidly increasing. The reasons behind this trend are multifaceted, ranging from financial difficulties to wanting more out of relationships. 

When you add this financial pressure to the stress of divorce, it’s easy to see why many couples stay together. However, those who choose to split later in life face additional considerations, such as managing their retirement accounts and financial assets with less time to recoup losses. If you are going through a divorce in your 50s, avoiding making mistakes with finances, property division, and more is essential. 

Mistakes to avoid in divorce over the age of 50

1. Don’t assume your divorce will be amicable.

Just because you and your spouse are on good terms now doesn’t mean that will continue throughout the divorce process. If you doubt your divorce will be amicable, it’s best to assume it won’t be and prepare accordingly.

2. Don’t try to go through the process alone.

Divorce is a complex legal process, and it’s almost only possible to navigate it with the help of an experienced attorney. Even if you and your spouse can agree on all issues, many legal forms still need to be filed, and deadlines to meet. 

3. Remember your financial planning.

Assets, retirement, investments, and property are all areas of financial planning that may impact the outcome of your divorce. Speak with a professional before making any decisions. 

4. Remember your retirement accounts.

Retirement accounts are often one of the couples’ most significant assets, so they can’t be neglected during a divorce. It would help if you made sure that all retirement accounts are divided so that you don’t end up with less than you expected later on.

5. Wait to make any significant life changes after the divorce is final.

Once the divorce is final, you can do whatever you want, but making any significant changes before then can complicate things and make the process take longer than it needs to.

6. Don’t badmouth your spouse to your children.

Your children, young or adult, should not be used as pawns in your divorce and should not be subjected to hearing negative things about their other parents. 

7. Don’t ignore taxes and specific implications during a divorce

Financial decision-making during a divorce is usually daunting and challenging. Picking the best action for alimony, retirement accounts, housing, and child support can significantly affect your tax bill. 

8. Don’t forget to apply for new health insurance

With Medicare not kicking in until age 65, you may need to consider other options if you divorce. While a few options are available, they can all come with a hefty price tag. 

9. Remember to consider your monthly costs or expenses.

Spousal support and child support should always be considered. Ensure your expenses are covered through adequate support paid monthly. 

10. Don’t put yourself in the dark regarding your combined debt.

Always consider debt when working with a lawyer during a divorce. If you have children with student loans or owe on a mortgage or credit card, you will want to ensure you are clear on the amount due so you aren’t surprised or taking on more than your share.

11. Don’t disregard your mental health

Divorce is hard at any age. Please don’t underestimate the toll it may be taking on your health. Speaking with a licensed Marriage and Family Therapist (LMFT) can help. 

12. Don’t make the mistake of thinking this is the end!

Don’t think this is the end! Even if you are going through a divorce over 50, there is always time to start over. Surround yourself with friends, family, and a support crew to help. 

Going through a divorce, and you’re over 50? Consult our team.

Divorce is never easy. It’s a difficult time for everyone involved, not just the couple but also their families and loved ones. Emotionally and mentally draining, it can be overwhelming to navigate the legal system while trying to be there for your family. 

That’s where we come in. Our skilled team of family law attorneys can handle all the legal issues in your divorce, so you can focus on what’s truly important, being there for your loved ones. Contact us today to schedule a consultation.