Reasons for Late-Life DivorcesRemarriage. Many are in second marriages, and the divorce rate is about 2 1/2 times greater for second marriages than first. Life expectancy. People are dying later in life. These days, if you’re 50 or 60, you could live on for another 30 more years. Loss of Stigma. Separation no longer holds the stigma it once did. Status of women. Women initiate a majority of divorces. “As women gain financial independence, they feel safe leaving an unhappy union.” I’ve written about late-life divorces before. Some things to consider if you are considering a late-life divorce:
Florida, like many states, is going through a lengthy legislative alimony reform battle. Your expectations about support and alimony could be frustrated.
Your retirement money could be cut in half. Retirement accounts, and other assets, are presumptively split evenly.
If you keep the house, you may have to give up something. We are out of the housing recession, and houses have a lot of value now. You may have to take a smaller share of a pension, or a smaller alimony amount.
Children are still a factor. Maybe there isn’t the same gut-wrenching custody issues, but a lot of parents provide some kind of financial assistance for adult children.
Get a prenuptial agreement if you are considering marrying a second time.There are special concerns involved when older couples divorce. As always, information is power, so make a point to seek out experts for guidance. The New York Times article is here.