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Considerations for older people getting divorced

An increasing number of couples in Georgia and around the country are choosing to divorce after being married for decades. In 2014, people at or over age 50 were twice as likely to divorce as they were in 1990, and the number was even higher for people older than 65 years of age. When older people get divorced, there are certain things they need to consider that younger people may not have to deal with.

Figuring out how to separate the finances of couples who have been married for lengthy periods of time may be complex. Couples may need to determine how to divide retirement accounts, pensions, stock options and real estate holdings. They may also need to figure out how they will each be able to survive on their incomes alone. This may necessitate downsizing or figuring out alternative living arrangements such as getting roommates.

People who are older may also need to return to the workforce in order to survive. In order to find employment, they may need to update their resumes and make certain that they stay in good shape because many employers have biases towards older workers. People may also need to consider how their lifestyles might need to change and act accordingly.

Older people who are divorcing may want to get the help of a family law attorney for advice about property division. A lawyer may advise such clients about how to divide their property in the most tax-advantaged way. Attorneys can also attempt to preserve the client's ability to retire through the negotiation of an overall settlement agreement that addresses these types of financial issues.

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