Older couples may find their marriage falling apart, and the spouses may divorce. Divorce proceedings in Pennsylvania could involve married couples of varying ages, and “over-50 gray divorces” are not uncommon. An older person’s divorce might be more complex than someone much younger, though. Financial assets and considerations become more complicated when a person reaches age 50, meaning anyone intending to divorce at that age must consider many responsibilities.
Financial concerns for an over-50 divorce
Financial mistakes could cause significant problems for people of any age range. For an older person who wishes to retire in 10 years, financial mistakes could be dramatic. When financial mistakes occur during a divorce, the impact could be worse. A divorcing spouse might end up in a terrible situation if he or she must pay the other spouse’s incurred personal or tax debts. Transferring responsibility for these obligations to the other spouse during the divorce settlement could make life fiscally easier for the party that didn’t know about the debts.
Unfortunately, many go into divorce unprepared, leading to less-than-desirable outcomes. Not making an appropriate inventory of assets or taking steps to attempt to hide assets could prove disastrous, yet people make these errors.
Things to consider when divorcing
Carefully examining all the financial matters might be best for anyone planning on a divorce. A married person may lose health insurance after a divorce since a spouse’s family plan may not apply. Should a soon-to-be ex-spouse ask for maintenance to cover a health insurance policy? The answer might be, “Yes.”
And does a spouse want to hold onto a house even though it is unaffordable on one income? Sometimes, people make bad decisions because they don’t think things through. While it may seem stressful, the deliberative approach to divorce could lead to a preferable financial situation after the dissolution.