In 2009, every fourth divorce happened to 50-year-olds and older. If the same trend continues in the future, chances are that the divorce rate of older people will keep on increasing. Divorce can be more difficult at an older age than at a young age, especially when it comes down to financial matters, according to an article in the Huffington Post.
Couples deciding to split at an older age most likely have to make important decisions concerning property division, retirement plans, alimony payments and child support. Older couples often have more assets and property, and therefore, they have more to lose as well. Additionally, at an older age, it is harder to start all over again and rebuild your fortunes.
There are a couple of things to bear in mind when you are in your 50’s or older and divorcing. Splitting the assets and managing the finances are both important aspects of your divorce. Firstly, the splitting of the assets is one of the most important decisions made during the divorce. It is not always clear what is considered marital property and how much the rightful share is to each spouse. You should always consult with a skilled divorce lawyer regarding all your divorce matters.
In many long-term marriages one spouse takes care of all of the finances of the family, while the other spouse takes care of other chores. It may be difficult to learn how to handle the finances at an older age. It may be a good idea to request a copy of your credit report from a credit reporting agency to protect you from identity theft or fraud. Afterwards, you can take steps to learn how to balance your check book and make payments online.
If you are contemplating divorce, whether you are below or above 50 years old, you need to talk to a lawyer. Contact a knowledgeable family law attorney in Chicago today.