Life for couples over 50 years of age can bring new found freedom, financial stability, and lifestyle changes, but, when married couples over 50 decide to divorce, their golden years can quickly become tarnished. According to a recent study conducted by the National Center for Marriage and Family Research, there has been a significant rise in divorces among long married couples between the age of 50 and 60. This includes 25% of couples married over 20 years. This new trend commonly referred to as “gray divorce” and “empty nest divorce” requires careful planning for couples wanting to maintain their financial health and style of living.
When couples who are married longer than 20 years chose to divorce, there are many significant factors to consider. Over the course of the marriage, the couple may have accumulated savings, property, retirement funds, and assets that may not be easily divided. Spousal retirement benefits and pension plans may not extend to the ex-spouse. Life insurance beneficiaries may be changed, property acquired may have to be sold, and savings accounts can be quickly depleted from attorney fees and legal obligations.
What was once a lifestyle of growing freedom from parental obligation may come to an end with some divorcing parents finding it financially necessary to live with their adult children. Resentment from the couple’s adult children is common as their lifestyles mandate change because of the divorce. Living arrangements, holidays, family traditions, and vacations must now be altered to accommodate the new normal.
One of the biggest concerns to all people over the age of 50 getting divorced is medical insurance and long term care arrangements. Ex-spouses are generally not covered under the other partner’s medical benefits making it necessary for them to find reasonable health insurance at a time when they may have pre-existing medical problems or deteriorating health. Married couples who planned on caring for each other at home in their elder years now have to think about long term care arrangements that may become necessary in the future. The cost of these prerequisites to retirement may be overwhelming, pushing back retirement much later than originally planned.
For married couples that decide to divorce in their thirties and forties, there is time for them to recover financially as well as emotionally. For divorcing couples in their fifties and sixties, time is a considerable factor. Those who opt to divorce at this age need to consult a reputable Maryland divorce lawyer who will protect their rights as well as their financial future throughout the proceedings.
Maryland Family Lawyers of Huesman, Jones & Miles, LLC Counsel, Mediate, and Facilitate Divorce for Couples over 50
Couples over the age of 50 that have decided to divorce need to carefully consider the financial implications of ending a long term marriage. The experienced and knowledgeable Hunt Valley divorce lawyers at Huesman, Jones & Miles, LLC have been helping couples navigate through the often emotionally overwhelming process of divorce proceedings for over 30 years. The commitment and compassion that these divorce attorneys are known for can help even the most complicated divorce situations end with mutual respect and sound financial arrangements.
If you or someone you know is over the age of 50 and considering divorce, contact the Maryland family lawyers at Huesman, Jones & Miles, LLC at 443-589-0150, or complete the online contact form to schedule a consultation today. Located in the heart of Hunt Valley, Maryland the firm serves clients throughout Baltimore County, Harford County, Carroll County, and Howard County, including Towson, Baltimore, Bel Air, Columbia, Westminster, and Essex, Maryland.