Divorcing Later in Life: What You Need to Know

Divorcing Later in Life: What You Need to Know

Divorce is the process of legally breaking up a marriage. It involves the splitting of assets and debts in ways that are as equal and equitable as possible. The majority of divorces occur within 10 years of marriage, but this is not always the case. Divorce may be filed for at any time throughout a marriage. Unfortunately, this means that divorcing later in life is possible. There are some considerations that should be taken for divorces that happen later in life. A divorce attorney may be able to help you with all of the nuances that it requires. 

Does It Matter When You Divorce

Logistically, the timing of your divorce does not necessarily matter. People get divorced all throughout their lifetime. However, the older you get and the longer your marriage has been, the more it can affect your future. As you age, you acquire more assets. In marriage, these assets are traditionally shared unless a pre- or postnuptial agreement is filed, and the terms are stated for maintaining assets. Depending on what stage of life you are in, you may have acquired assets such as life insurance benefits, and these are often more difficult to split. If you are struggling to divide your marital assets later in life, it could be beneficial to work with an attorney.  

Life Insurance in Divorce

There are multiple types of life insurance that someone may obtain. Because of this, there is no firm policy on whether having life insurance will impact your divorce. Nearly all assets are considered marital property in divorce, and all property is split in some form, either through negotiations or court orders. Your life insurance type may be considered marital property, but it depends on the type of policy that you hold. Examples of policies include term life insurance policies and cash-value life insurance policies. In the case of the former, you may choose to keep individual policies, while the latter option could include termination of the policy and splitting the value equally. There are many different options for splitting life insurance policies in divorce, and they should all be discussed in detail with the other party and an attorney. 

Estate Planning in Divorcing Later in Life

Estate planning is an essential aspect of divorce, especially later in life. Estate planning is the act of determining who will inherit your property and assets. In your marriage, you might have expected that your spouse would inherit your assets in the case of your death. However, after your divorce, you might want those assets to be given to someone other than your ex-spouse. If your ex-spouse is still listed in your will, you may wish to consider rewriting your will and adjusting your beneficiaries. 

Hire a Divorce Attorney Today

Going through a divorce at any point in life isn’t easy. Adding a long-term marriage and older age to the equation makes the situation more complex. To help ensure that all your needs are being met in divorce, consider working with an experienced divorce attorney. The lawyers at SAM LAW OFFICE LLC will walk you through all steps of your divorce and have your best interest in mind. Contact us today to schedule a consultation with our knowledgeable lawyers.