Issues to consider if divorcing over 50
The number of people over age 50 choosing to divorce in New York has greatly increased over the past few decades. Couples who have been married for a long time may have accumulated substantial assets that will need to be divided, making their divorces more complicated. There are a number of mistakes that they should avoid making when they decide to divorce.
Failing to plan ahead
People over age 50 are close to retirement age and should take several steps before they file for divorce to protect themselves. Before filing, it is a good idea for people to create careful inventories of all of the assets owned by the couple. This can help to prevent valuable assets from being overlooked during the property division phase. People might also want to get copies of their tax returns, income and wage statements, and recent statements for all of the accounts the couple owns.
Meeting with a financial advisor before filing might also help people to understand the likely impacts their divorces might have on their finances. People should make sure to create an honest budget for their post-divorce lives and consider carefully whether they should sell their marital homes and divide the profits or if they can truly afford to remain in the homes with a reduction in income.
Making sure to divide retirement accounts correctly is also important and can help to prevent tax consequences that might otherwise occur. People over the age of 50 who believe their marriages are over may want to consult with an experienced divorce lawyer before they file. An attorney might help them to understand the preparatory steps to take before filing and some of the most common mistakes that they should avoid making.