Over 50? Avoid These Divorce Mistakes
The rate of divorced people 50 and over is increasing. Often, couples grow apart as they age and their situations change. Since divorce is not as frowned upon as it once was, more people have decided to go their separate ways. In fact, the divorce rate for people over 50 has actually doubled since 1990.
If you’re considering divorce after 50, avoid making these mistakes:
- Not reconsidering home ownership: Many people want to keep their family home, whether to preserve a sense of stability for your children or yourself. However, you may want to consider downsizing. Homeownership can be a burden when you’re not sharing the work with your spouse.
- Not understanding your new financial situation: Women are more likely to take a financial hit during divorce, especially after 50. If you’ve taken a break from the workforce, chances are that you won’t have the same earning power you once did. Make sure to ask for the support and share of the assets to which you’re entitled. You may want to find employment before initiating divorce, particularly if you’ve been out of the workforce for a while.
- Ignoring your tax situation: Your divorce will have tax consequences, from deciding whether to take alimony or a lump sum, to child support and selling your home. Consult a tax professional before making any major decisions.
- Forgetting about health insurance: Health insurance can be very expensive, especially if you divorce before you’re eligible for Medicare at age 65. If you’re employed on your own, you may have access to healthcare services. Otherwise, you can sign up under your state’s insurance marketplace or use COBRA for up to 36 months.
- Hiding assets: Avoid the temptation to hide assets from your spouse. You may be liable for contempt of court, fraud or perjury charges when the truth comes out.
For more information about divorce mediation, call the trusted Long Island divorce mediators at Solutions Divorce Mediation today.