Divorce knows no age. Even old couples divorce for the same reasons that lead to divorce in young couples. According to one of the sociologists at Bowling Green State University, if a late-life divorce were a contagious disease, it would be an epidemic. The rate of divorce for seniors (gray divorce) continues to rise. If you’re over 40 and contemplating divorce, you’re not alone. In addition to your emotional ladder breaking up, you will have financial challenges. Therefore, you will need someone conversant with how the divorce process is carried out to guide you.
Issues In Gray Divorce
When kids and other related responsibilities move out, the glue holding a relationship starts to melt away. The reason is that most people and especially women tend to become financially independent, and hence there remains no imperative to stay together. Those who take the bold step of grey divorce always regret why they never took action earlier. If you’re in such a state, you may be swimming in an ocean of theories and rumors from your family members and friends. You don’t have to let your marriage stress continue to unleash your happiness in your last chapter of life. The best way you can handle the situation is to start looking for best divorce lawyer in Toronto. Getting divorced at late 40 or 50 doesn’t mean that you will not have problems with your children though there may not be child custody issues. Again, there will be hitches when it comes to the division of assets and debts since they have more meaning as people age. Generally, you will have to decide on:
- Division of assets: There is a lot involved when it comes to diving of assets during old age divorce. You may be attached to some assets more than others. For instance, your matrimonial house may become a tag of war in determining who will remain with the house. In such a case, you can decide to hold the house if able to afford the mortgage or move out if you cannot be able to pay for the upkeep of the property
- Social Security benefits: Unlike assets, social security benefits cannot be divided; you may have the chance to collect benefits up to a certain percentage even after divorce. Your lawyer can guide you on how you may obtain your Statement of earnings and understand what entails to you and your spouse.
- Division of retirement plans: Mid or later life divorce shatter retirement plans. You may require a financial expert to advise and assist you on how issues such as tax consequences may affect what you’re entitled to after the split. You can also learn whether:
- You can get survivor benefit if your spouse dies after divorce
- Whether you can avoid any tax penalties
- Division of debts: Obtain a full credit report to determine who owes what. Not having an idea of what you owe is a sour recipe for any divorce. A couple might be held jointly liable for their credit cards or loans if they owed them together.
It’s better to track all your assets such as bank accounts, life insurance policies, or retirement’s accounts before they are split up. Remember that you have to update your beneficiaries on the changes made.
No matter how one may try to define it, divorce can be expensive and time-consuming. The only way to ensure your process runs smoothly is to make sure you work together to make the decisions and restructure your life. Sometimes, this doesn’t happen as spouses may be full of anger or failure to agree on their division of assets or debts. It’s essential to have some legal advice for your issue in a late-life divorce in such a situation.
How Do I Carry Out My Late-Life Divorce?
You can choose mediation, collaborative, or litigation method for your late-life divorce. The best way to split from your spouse would be to use a less costly way since you may not have time to recover financially. A collaborative divorce will be possible if you’re able to settle things together. That is, you should well negotiate your settlements and make sure to protect your interests now and in the long term. If you choose mediation, you will need a mediator who may encourage good communication and suggest a solution to your issues, but will not offer any legal counsel. If you seem not to agree, you may expect to litigate, and your divorce case will end up in court.
How A Divorce Lawyer Can Help
A late-life divorce can drain you emotionally and financially. Remember, you will have legal fees and other costs to pay. However, with the right legal advice, you can sail through your future. No matter how long you have been married, you will have some hitches regarding the divorce process. Dividing your marital wealth and debts can only be done fairly through the help of an experienced divorce lawyer.
