Over the past two decades, the divorce rate has increased for older spouses. While many of these people have had successful post-divorce lives, it is important that seniors in Kentucky understand the special issues they might face after a split.
When spouses divorce, they will have to divide their assets. Retirement funds accumulated during a marriage will be subject to the property division process. This can prove to be problematic for older people. If they haven’t yet retired, they may find that they don’t have enough years left to save and replenish their retirement funds. If they have already retired and are no longer earning an income, they might be left with very little on which to live.
Some spouses who are bored with their marriages might determine that it might be better if they are able to work through their issues and stay together. In other cases, such as abusive marriages, divorce may be necessary. Some people may also be in marriages in which they have irreconcilable differences, making divorce a better option than staying together and being unhappy.
Before getting a divorce, people who are older than 50 might want to consult with family law attorneys and financial advisors so that they can gain a good understanding of how a separation might affect them. The lawyers might work closely together with the financial planners to help the clients avoid some of the potential negative financial impacts. It is possible for attorneys to reach agreements in many divorce cases, but they may be willing to litigate the matters fully if agreements cannot be negotiated.