Common Issues when Seniors get Divorced

According to the research, over the last few decades, divorce rates among the people above 50 years of age has considerably increased. One of the reasons for that is because divorce is now more acceptable than it was in the past. More elderly couples are running into unresolvable issues and the last option for them is to get separated. Divorce process is never easy; it takes an emotional toll on the couples. In that case, Knoxville divorce attorneys have highlighted some of the common issues when seniors get divorced.

If you are getting into a divorce late in your life, here are a few common issues that you may face –

Financial Crisis –

Financial issues faced by the senior after getting divorced can be extreme. With the constant increase in the living expenses, it can derail your retirement plans and it will be difficult for either one of the spouse to run the home on a single income. Seniors getting divorced will also have less time to pay off their debts and regain potential losses. Also, the earning potential of seniors is very less if they have already taken retirement from the job market.

Social Security Issues –

Couples who are above 62 years of age and who have been married to their spouse for 10 or more years can get the retirement benefits even after divorce through their ex spouse’s social security record. You can do this without reducing your ex’s benefits. Former spouses can also be entitled to receive Social Security benefits after their ex passes away. You can consult about it with experienced divorce lawyer in Knoxville and check if you are eligible to claim it after your marriage ends.

Insurance Claims –

In most cases, any one of the spouses in the older coupes has been handling the matters related to insurance which include paying monthly bills or updating the insurance policies. After divorce, the spouses that was not in charge of handling the insurance matters will have to get their own insurance policies, which is pretty daunting. If they have never encountered such issues before, it can get little challenging for them as their ex used to take care of it alone. However, this problem can be solved by consulting the attorneys in Knoxville.

Alimony –

Alimony at this stage can make a huge difference in the lives of the older couple getting divorced. The spouse receiving the alimony would not have been able to manage alone financially after separation. While the spouse giving the alimony may not have enough funds left to pay for the alimony. Several considerations are to be done when determining the alimony such as stock units, pension funds, ownership stakes, etc. In some cases, one of the spouse may have given up on their career to help the other spouse get through their college and complete their education. In that case, alimony may be crucial for that spouse because not only are they older in age, they also have very few skills that they can use for the next job.

Long-Term Considerations –

In a Gray divorce, the prospect of long term care and preparation of one’s final wises are some of the factors that needs to be considered. Experts recommend on updating the estate plans before and after the divorce. Asset divisions, too can be a task because it will be difficult to value the retirement funds and separate the marital assets from the non-marital ones.

Final Words –

We at Volunteer Law Firm, do understand the sensitivity of the divorce and the emotional toll it can take on the older couples who have been married for such a long period of time. However, if divorce is your last option, we completely respect that and promise to serve you with the best legal team who has years of experience and the knowledge of the law, that you need on your side to advocate your best interests. We are familiar with the unique challenges that you may encounter after the divorce. Pursuing your case goals is Volunteer’s top priority. Reach out to us today to discuss your reasons and situations with our seasoned lawyer.