What to Consider When You Divorce Later

New Yorkers are marrying at a later age, and with later marriages, those who choose divorce are splitting up at a later age. A late-life divorce certainly involves different considerations. For example, you may not have to deal with issues of child custody or visitation as your children may now be legal adults no longer living with you. Though children might not be involved, it doesn’t necessarily mean that late-life divorce is easy.

According to a recent U.S. Census report, less first-time married couples are lasting until their 25^th (or later) anniversaries. Many couples choose divorce later on because they realize they want to make the most out of their life, and know that their relationship is no longer satisfying for them.

Getting divorced, however, brings new considerations. A couple’s investments and assets have lasted longer, and must be divided. A couple will have more homes or businesses that need to be fairly divided. New York courts, being in a state of equitable distribution of assets, will likely split these assets even if one spouse invested more of their own money. New York spouses also have the right to claim a share of pensions, 401(k) accounts and individual retirement accounts even if they are under the name of one spouse.

Another consideration of a late-life divorce is the fact that you are either already retired or close to retiring. You likely do not have the same regular income as you did in the past, so your divorce settlement is key to protecting your future finances.

Source: Wall Street Journal