Late in Life Divorce Considerations
Older couples can divorce for the same reasons as young couples, but there are certain issues facing late-life divorces rather than younger couples. These concerns can include:
- Losing parents and friends
- Even the unsettling loss of youth
At the Law Offices of Hope E. Fruchtman, our Scottsdale attorneys and staff are dedicated to our clients. We work hard to dull the pain of divorce and make sure that you can successfully move on to a new chapter in life. To do that, we must frankly take a look some of the challenges you might face, in order to prepare you for dealing with them.
Dividing Your Assets at Divorce
Part of nearly every divorce is the division of assets. But as an older couple you may have more assets than a young couple. An important thing to consider when dividing assets is that some may be more useful to you later in life than others.
- Your house is an asset that might be important the older you are because it provides you with certain tax and income benefits.
- While dividing retirement plans can be complicated, it is very important to find an experienced attorney to carefully oversee the final paperwork. A lawyer can tell you when you can avoid penalties, get survivor benefits, if your ex-spouse dies, talk about any loans taken against a 401(k) plan, etc.
- Social Security benefits are not divided, but there are certain rules relevant to your post-divorce income. For instance, if your marriage lasted 10 years or more and you are 62 or older, you can collect benefits on your former spouse’s SS, without reducing their benefits. And if your ex-spouse dies, you may be eligible for survivor benefits.
Serious health conditions can influence how assets are divided and whether one spouse needs alimony. While Medicare may cover some of these expenses, there are ways to bridge the gap. Talk to your attorney to find out what you need to look for in health coverage after the divorce.
After your divorce it is important to look at the beneficiaries you have designated in your wills or retirement plans. Also, agent designations in medical directives and powers of attorney. You may wish to negotiate your death benefits from life insurance, retirement plans, a will, or a trust.
While late-life divorce can involve more moving parts, it doesn’t have to be overwhelming. Click here or call the Arizona divorce lawyers of the Law Office of Hope E. Fruchtman today at (480) 209-1918.
Our Office14301 N 87th St Suite 211
Scottsdale, AZ 85260