If you are deciding to call it quits in your marriage after 50, you should know you are not alone and, in fact, this is part of a growing trend. Between the years 1990 and 2014, the divorce rate for those over the age of 50 has doubled, according to the National Center for Family & Marriage Research. For those over 65, the divorce rate nearly tripled within that same time period. While the process is certainly the same, there are some concerns that differ between younger couples and older couples choosing to divorce later in life.
Here are some of the things you should consider as you go through your divorce:
- Figure out if you can live off your post-divorce savings: While you are engaged in negotiations regarding your divorce settlement, you should pay special attention to what you will receive in the form of retirement accounts, Social Security, and property. These are important things to evaluate since you are now past your prime income-earning years, so be sure to understand what a division of assets will mean for your lifestyle.
- You might have to sell the house: If you are coming up short when evaluating your future income and are unable to work, it might be time to consider selling the family home. For many, this is where the bulk of their wealth resides.
- Change your beneficiaries: Do not forget to make changes to named beneficiaries on your retirement accounts. Courts will generally side with the beneficiary listed on a plan over an updated will, which means that if something were to happen to you, your ex would get the money.
- Educate yourself: In many cases, only one spouse manages the household finances. If you were not the managing spouse, this puts you in a predicament, so take the time to take a personal finance class. A good place to start is at a local community college. You should also visit your bank to set up a new checking account and to receive assistance on how to use online banking.
Following these tips can help get you through this jarring transition to ensure that you are still able to retire and live a stress-free life.
Divorce Attorneys in Jackson, Mississippi
At Shows & Smith Law Firm PLLC, our Jackson divorce attorneys provide trustworthy and dependable advocacy along with personalized representation. We understand the difficulties associated with divorce and will do everything within our power to ensure the process goes as smoothly as possible. Our skilled attorneys have more than 50 years of combined experience, which we will put to use for your case.
Contact us today at (601) 809-4144 for a free consultation.