As many of our clients have discovered throughout the legal process, divorce brings with it several considerations and life changes that must be weighed. However, the point that a person has reached in their life will bring with it additional obstacles. For instance, separation and divorce legal proceedings are much different for a couple in their twenties verses a couple in the fifties and beyond. An article written by Gary Foreman with Stretcher.com focused on some of these special considerations.
For households that depend on one person for a majority of the household income it can be a big adjustment when there is a split, in particular for the spouse who doesn’t earn as much. In this instance it is important for the parties to have an accurate accounting of assets that were acquired during the marriage. Other couples have arrangements in their marriage where one spouse depends on another as a caregiver. If there is a divorce in this situation the spouse that depends on the other spouse will naturally have concerns or fears as to what will happen after the divorce is over. One of the recommendations for preparing for this life event is to locate a trustworthy person or family member that can be depended on for support and care. It is also important to plan for alternatives if you depend on your spouse for benefits and or health insurance through their employment. After the divorce is finalized you will no longer be eligible to claim those benefits.
Some of the 10 mistakes for people to avoid when getting divorced after 50 include:
- Failing to create an inventory of assets.
- Holding onto the family home. Homes can be a big financial burden. It is important to make sure that you are financially able to support the home by yourself.
- Not knowing what you owe.
- Ignoring the tax consequences.
- As mentioned above, forgetting about health insurance.
- Rolling over your ex’s retirement account into an IRA. This could lead to tax consequences.
- Providing too much financial support to adult children without making sure that your financial needs are met first.
- Hiding assets from your spouse. This could lead to contempt actions from the Court and additional legal fees.
- Underestimating your expenses.
- Forgetting that divorce attorneys are professionals, not friends.
Most importantly, it is important to seek out guidance from an attorney that specializees in matters related to divorce, custody, support, adoptions and modifications to assist you with your particular situation. The Faucette Law Firm represents clients in the Douglasville, Marietta and Atlanta areas. Contact our law firm today for a consultation.