Three Common Challenges Older Couples Face when Going Through the Divorce Process

 Three Common Challenges Older Couples Face when Going Through the Divorce Process

Couples who decide to end their marriage at a later stage in life can face both emotional, psychological, and financial challenges. They can especially feel the effects of their divorce after it has been finalized, as they face life after years of sharing memories in a long marriage with kids and even grandkids. If you are at least 50 years old and considering a divorce, you want to be aware of the challenges you may face. But, an experienced Denver divorce lawyer can assist you in overcoming these challenges. 

Dividing Assets

Asset division can be a real challenge during divorce since the work a spouse has done over the years while married is divided, without considering the contribution of the other spouse. While the property earned before marriage is often untouched, identifying marital and premarital property can be difficult, especially in couples who have a long marriage. 

Distributing Retirement and Social Security Benefits

When a divorce is decided by couples who have reached the eligibility age for Social Security, their records will be examined to determine how much benefits they can receive. A spouse’s hard-earned pension is a joint asset, so it has to be divided equitably after divorce. The same thing should be done with retirement benefit funds. But, the share of the other spouse is limited to what was earned during the marriage. However, the amount might not be enough to cover two households as the couple starts their life separately.

Terminating Health Insurance Coverage

Health insurance impacts the unemployed spouse who gets benefits from the other spouse. Once the divorce is finalized, health insurance benefits for the unemployed spouse will be terminated right away. Without insurance coverage during old age can be quite difficult as health usually starts to deteriorate and health care costs increase. 

Moreover, a spouse can remove their partner as a beneficiary of their policy before filing for a divorce. In fact, the ex-spouse can remove their partner from the list of beneficiaries at will following the finality of the divorce.

Because of the challenges older people face when they decide to file for a divorce, they need to have financially neutral advisers to help them in planning their finances after divorce. An experienced divorce attorney can help them determine and negotiate how they will divide savings and investment equitably. A great lawyer can put you at ease and offers you the confidence you need to move forward. 

Laura Daniel