When you are younger and are going through a divorce, though you may be hurt mentally, physically, and emotionally, most people can attest to being told by friends and family that they have their whole life to look forward to and that this divorce is not the end of them. However, when you are 50 and you divorce, it is not always that simple and can seem even more devastating. For some, over half of their lives may have been spent with their spouse, so making a drastic change such as divorce can be entirely overwhelming. Unfortunately, for baby boomers, divorce is an all-time high, doubling for couples over the age of 50 than their younger counterparts, and though a divorce is stressful for everyone involved in the process at any age, divorcing after the age of 50 has its own precautions and factors. If you or a loved one is in the process of a divorce, contact an experienced North Carolina divorce attorney to help you strategize about the best possible outcomes for your case.
How is it Different?
When you are over the age of 50, divorce can mean something completely different than when you are younger. For those divorcing over the age of 50, factors that should be considered are, but not limited to:
- The impact that the divorce will have on your children. Though your children may be older, they will be impacted by the divorce as well as if you have children in college, you may be ordered to pay for their college education. Lastly, with children it is important to engage in financial planning and asset protection to ensure that your assets are passed along to the correct individuals.
- The cost of living. The cost of living as a single person is drastically different from the cost of living when you are married and there are two incomes. In addition, depending on who ends up with the marital property will also have more unanticipated expenses such as repairs and upkeep. This is also not limited to health insurance coverage that you may now have to pay if you were previously on your spouse’s health insurance policy.
- Understanding the liabilities that you owe and the debt that will be involved to repay as well as ensuring that you understand the tax consequences that are involved in a divorce procedure. These tax consequences include taxes that involve retirement accounts.
- If you are retired, unemployed, or underemployed, you should consider going back to work. Not only is this good for your financial situation, but this is also good for your social interaction and mental health.
- If it is just you, and your kids are grown and independent, consider selling your marital home or using your marital home as rental income. Downsizing, as well as getting out of the familiar area of married life, could increase your mental health, as well as save you financially.
- Lastly, consider counseling. Divorce is hard and you do not have to go through it alone. When you have been with someone for an extensive amount of years, after 50 you identify as a union, however, once you become a single person loneliness and depression can seep in. Counseling allows you to speak with someone an not go through these hard times alone.
Divorce after 50 is difficult and you have more to lose than a divorcing couple who are in their 20s. Because of this, understanding the difference of divorcing after the age of 50 can help you better prepare for the divorce as well as life after divorce.
Need Legal Advice?
A divorce at any time can be a traumatic experience whether it is dividing assets and liabilities or coming up with a custody schedule if kids are involved. However, when you are over the age of 50 there are other factors and hazards that must be contemplated. Because of the risk involved, financially, legally, and mentally, it is important to know and understand divorce, and what it can entail for your situation. Because of this, it is invaluable to speak with an experienced North Carolina divorce attorney to better understand the process of divorce and what it can mean for you. Therefore, if you or a loved one is seeking information in this area, contact The Law Office of Dustin S. McCrary to help you through the process. Here at The Law Office of Dustin S. McCrary we have years’ of experience and we are dedicated to you and your situation. Contact our office today.