Couples can get divorce at any age due to various reasons.
Divorces that take place in the later stages of life bring along them certain age-specific issues like health concerns, dealing with losses of friends and family, financial insecurity etc.
Emotional impact is there, but the financial impact of a divorce can be unsettling and needs to be understood carefully.
In a divorce, division of assets is a crucial matter. For example,
the decision of who will get the house concerns not only its monetary value, but also other matters like its usability and comfort.
Also, with age you are entitled to certain benefits like property tax exemptions, eligibility for reverse mortgage, qualification for public benefits, income from rent, etc. on your house.
You can divide your retirement plans, but it should be done by a lawyer after careful study.
You should know about the various benefits you are entitled to, like receiving distributions yet avoiding tax penalties, survivor benefits, etc.
Similarly, in case of social security benefits there are relevant rules for income after divorce.
Financial planning becomes important in late-life divorces, since you might have to face unanticipated financial situations or make compromises in your lifestyle.
You can make a shrewd budget that involves living expenses calculations, creating a mixed portfolio, income generation, tax consequences, etc.
Health is a major concern in old age. Division of assets and payment of alimony to a spouse unable to earn or with insufficient assets is considered while making decisions. Medicare eligibility is also important in old age.
It is crucial that you evaluate the beneficiaries of your wills, retirement plans, estate etc. to make sure that your wish has been carried out.
Divorce settlements can later provide for financial support and education of adult children and grandchildren.
Taking services of an expert divorce attorney is always required, even in the late-life divorces.
The attorney helps you get through all the legal procedures efficiently as well as he/she help you to understand the laws associated with the process.