For couples in Missouri who reach the decision to divorce later in life, the financial impact of the end of a marriage can be particularly jarring. Deciding to divorce after 50 can mean that the partners involved have less opportunity to make a financial recovery after the asset division and monetary losses involved in a divorce. While both partners may be planning to rely on savings they have accumulated throughout their lives, they will now need to support two households with the same amount of money and property.
Since the 1990s, the divorce rate of Americans over 50 has doubled, and this number is projected to continue to grow. For those who are married two or three times, the divorce rate is even higher than those in first marriages. Experts advise taking action to protect the retirement savings of both parties as a priority in a later-in-life divorce.
A collaborative divorce, in which spouses and their lawyers work together to agree on a division of property that respects both parties, can be a solution for some couples. Tax law may be a factor in reaching a settlement, including changes to alimony that will occur in 2019.
Social Security considerations can be another factor in a divorce later in life. If a couple has been married for 10 or more years, a single ex-spouse can receive Social Security benefits based on their former partner’s income, assuming it is greater than their own benefit amount under the program. This can mean that divorcing after the 10-year mark has been reached is particularly important for older couples.
Divorce during any stage of life can be emotionally and financially draining. A family law attorney may help protect the rights and assets of a divorcing spouse by providing representation in negotiations and in court on matters relating to property division, child custody and other major concerns.