Divorcing later in life can have a financial impact

The divorce rate for spouses between the ages of 25 and 39 has dropped by 21 percent over the past 25 years. However, for those 50 and older, their divorce rate has increased by 109 percent. This surge may have been caused by various factors, including greater financial freedom for women or couples generally growing apart over time. Greater access to health care after a divorce may also play a role in the rise of grey divorce in Illinois and throughout the U.S.

There are many issues that an individual needs to consider during the divorce process. For instance, there may be questions about who gets the marital home or how to divide retirement assets. This can be important for older folks who may not have as much time to recoup any money or assets lost when a marriage comes to an end. Those who aren’t connected with the household finances are advised to get involved if a divorce is imminent.

Doing so can help improve their negotiating position during settlement talks. Individuals who receive alimony or Social Security benefits based on a spouse’s work record may lose them if they get married again. Therefore, that is something that needs to be taken into account as a person gets past a divorce and begins the next phase of their life.

When a person gets a divorce at an older age, they may have a greater incentive to ask for more marital property. An attorney could help with this by asserting that the individual played a vital role in creating a household despite not working outside of the home. It may also be possible to contest the terms of a prenuptial agreement in an effort to obtain additional financial assistance.