In 1990, only 10% of individuals in Ohio and throughout America who were over the age of 50 were divorced. Today, roughly a quarter of them are ending their marriages. Although getting a divorce is never easy, it can be particularly hard to recover from when you are relatively close to retirement age.
Joint assets will likely be divided in a settlement
Assets such as funds in a retirement account or a marital home will typically be allocated in a final divorce settlement. In some cases, assets that you acquired before a marriage began will also be subject to the property division process. This is generally because it can be harder to keep track of what is separate property and what is joint property during the years that a couple spends together.
Your adult children may be impacted
The later in life that you get divorced, the less likely it is that child custody or support issues will come up during settlement talks. However, your adult son or daughter may have to put their own lives on hold to help you navigate the divorce process. It isn’t uncommon for younger adults to feel burdened by the prospect of providing emotional or financial support to a parent.
Managing two households is harder than managing one
After a divorce, you will likely be responsible for making your own rent or mortgage payment. You might also have to pay for your own groceries, vehicle and health insurance coverage. Finally, it may be necessary to purchase your own life insurance policy or take other steps to protect yourself financially as you age.
If your marriage is coming to an end, it may be a good idea to hire an attorney to help with your case. He or she may be able to ensure that you receive everything that you are entitled to under state law. Generally speaking, you may be entitled to a share of joint assets and spousal support in a divorce settlement.