Five Rules To Follow When Divorcing After Fifty
- Brainz Magazine
- Jun 21, 2023
- 3 min read
Written by: Debra Whitson, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Divorce can be a challenging experience at any age, but divorcing after fifty presents unique considerations and complexities. As couples approach retirement and their empty nest years, the decision to end a long-term marriage requires careful thought and planning. This article will discuss five essential rules to follow when divorcing after fifty, aimed at helping individuals navigate this significant life transition with greater clarity and confidence.
Seek professional guidance
One of the first rules when divorcing after fifty is to seek professional guidance. Engaging the services of an experienced divorce attorney specializing in late-life divorces is crucial. They can provide legal advice, guide you through the divorce process, and help protect your financial interests. Additionally, consider consulting with a financial planner to assess the long-term financial implications of the divorce and make informed decisions regarding retirement savings, investments, and property division.
Prioritize your emotional well-being
Divorcing later in life can be emotionally overwhelming. It's important to prioritize your emotional well-being during this time. Seek support from friends, family, or a therapist to navigate the complex emotions associated with the end of a long-term relationship. Take care of yourself physically by maintaining a healthy lifestyle, practicing self-care, and engaging in activities that bring you joy. Exploring new hobbies or reconnecting with old ones can provide a sense of purpose and aid in the healing process.
Understand financial implications
Divorce often has significant financial implications, especially when divorcing after fifty. Gain a clear understanding of your financial situation by gathering all relevant financial documents, such as bank statements, tax returns, retirement account statements, and property ownership records. Work with your attorney and financial advisor to evaluate your assets, debts, and income sources. Develop a realistic budget that aligns with your post-divorce financial circumstances and consider the impact of social security benefits, healthcare coverage, and other retirement-related factors.
Secure your retirement
Divorcing after fifty can have a substantial impact on retirement plans. It is crucial to protect your retirement savings and secure your financial future. If eligible, explore the possibility of obtaining a portion of your ex-spouse's retirement benefits, such as a portion of their pension or social security benefits. Update your estate planning documents, including your will, power of attorney, and healthcare proxy, to reflect your changed marital status and ensure your assets are distributed according to your wishes.
Collaborate and communicate
Divorce is often more successful when couples can collaborate and communicate effectively. If possible, explore alternative dispute resolution methods, such as mediation or collaborative divorce, to facilitate amicable negotiations and reduce conflict. Clear and respectful communication with your ex-spouse is essential, especially when discussing important matters such as division of assets, spousal support, and parenting arrangements if applicable. Keep in mind that maintaining a cordial relationship post-divorce can benefit both parties in the long run, particularly in situations involving grandchildren or shared social circles.
Divorcing after fifty can be a challenging and life-altering experience. By following these five rules, you can navigate the process with greater confidence and clarity. Seek professional guidance to protect your interests, prioritize your emotional well-being, understand the financial implications, secure your retirement, and foster effective communication. Remember to take care of yourself throughout the process and consider surrounding yourself with a support network to help you navigate the emotional and logistical challenges that come with divorce. With careful planning and a focus on your future, you can navigate this life transition and embark on a new chapter with optimism and resilience.
For more tips like these, be sure to check out the blogs on our website or give us a call at 518-413-1200 to schedule a consultation today!
Debra Whitson, Executive Contributor Brainz Magazine
For the first half of her career, Debra Whitson was a prosecutor, and she spent the latter half specializing in Matrimonial and Family Law. She is an experienced mediator and collaborative divorce practitioner as well as a recognized expert in working with victims of domestic violence. Debra believes that legal battles are more harmful to families than helpful, and is passionate about helping people find ways to make their own decisions for their families, rather than leaving their outcomes in the hands of a stranger in a black robe. When court is unavoidable, Debra aims to educate and support people to make the legal process less costly, scary, uncertain, and stressful.
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