Baltimore & Towson Lawyer Discusses Divorcing After Retirement
When couples decide to take their relationships to the next level by getting married, many of them believe that once they say, “I do,” the marriage will last for the rest of their lives. However, some couples are realizing that their wedded bliss has diminished considerably for whatever reason and in some cases, this realization is coming much later in life.
Many divorce lawyers in Towson and elsewhere throughout the United States have noticed that more and more senior couples are choosing to go their separate ways after many years of marriage. But this trend, which is commonly referred to as a “gray divorce” or “empty nester divorce,” calls for a substantial amount of planning, particularly if the parting couple wants to hold on to their financial wellbeing and current way of life.
Things You Need to Keep in Mind Prior to Your Divorce
If you were married for 20 years or more prior to deciding to end the union, there are a number of things that need to be taken into consideration. For example, over the life of the marriage, you probably built up quite a nest egg between your general assets, retirement funds, savings accounts and property.
You should be aware that it may be quite difficult to divide those things, and with respect to certain retirement benefits and pensions, ex-spouses may not be entitled to receive anything from those.
Another thing to keep in mind is the prospect of alimony. Younger couples who divorce may be entitled to some form of temporary alimony, depending on their situation. However, after long-term marriages end, permanent alimony will likely be discussed.
Insurance and Long-Term Care
A major concern for just about all divorcing individuals who are over 50 years of age is long-term care issues and related medical insurance. Generally speaking, ex-spouses are not covered by the other spouse’s health benefits, which means that the ex-spouse will need to seek other health insurance options at a time when his or her health may not be as good as it was years ago.
Additionally, those couples who initially planned to take care of each other in their waning years are now faced with the prospect of having to find other long-term care options that could prove to be quite costly in the long run. With all the unexpected costs that weren’t initially thought of during the marriage, the amounts could do irreparable harm to your retirement plans and the overall timing of your retirement.
Thinking of Getting a New Date? Wait Until the Ink Dries on the Divorce Decree First
This is sound advice regardless of your age at the time of the divorce. Dating prior to the completion of your divorce is never a good idea -- in fact, it may make matters worse. Still, that does not mean you can’t make new friends. Divorce can lead some to become isolated, particularly in the case of older people.
But there’s no need to be completely alone during such a trying time. There are a number of community events and activities that can provide you with an adequate amount of social interaction, should you choose to take advantage of them.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.