Divorce is on the decline in our society as a whole. People over the age of 50, on the other hand, are experiencing a rise. A person going through a divorce had a one in ten probability of being above the age of 50 a few years ago. It is now a one in four possibility.

“Why?” you may ask. One of the reasons is that there is some validity to the concept of “staying married for the kids.” Some couples stay married until their children are older and then decide to divorce. Another reason is self-improvement. Some people desire to make a significant life change to add some excitement to their lives. Then there’s the list of reasons that apply to people of all ages.

Divorce at this age can be especially risky financially because the cost of living is higher for a single individual than for a couple. This can affect your retirement funds since you will have less time to recuperate losses, pay off debts, and deal with stock market swings.

Women’s financial problems are exacerbated since shifting from two incomes in most homes to one income results in a more considerable drop in funds than males. Considering legal expenses, potential medical expenditures, and managing things that you previously shared can quickly deplete the cash in your account.

Regardless of your age, going through a divorce is an incredibly tough situation. There are certain things to consider before ending a marriage at this age.

First, make a list of your assets and liabilities. Keeping track of your entire financial situation is an excellent habit to develop at any age. However, as previously said, your retirement should be of the utmost importance. If you don’t have a spouse to split the bills with in your later years, you’ll need to be sure you have enough funds to survive on your own.

Second, think about your access to healthcare, especially if you plan to divorce before Medicare becomes available at 65. If your spouse’s insurance currently covers you, it will be terminated following your divorce. Remember to look into the alternatives available under the Affordable Care Act and private health care coverage.

Finally, think about how your divorce will impact your adult children, who will also go through changes. Separation is never easy for children of any age. Still, adult children may experience it more intensely than younger children owing to various factors such as blame, trust, and resentment about why this is happening. Make a conscious effort not to overshare with your adult children. Reassure them that it is not their fault, even if you chose to stay married for their sake. Invite them to spend some time with your soon-to-be ex-spouse if you have a court-ordered custody arrangement that would otherwise not permit it.

Contact Lamb, Carroll, Papp and Cunabaugh, P.C., Attorneys at Law today for legal help.