Divorcing after 50, and the Impact on Your Retirement

Even what was once seemingly a fairytale marriage can eventually come to an end, whether this is due to the behavior of one or both spouses, or simply down to you growing apart. Divorcing at any stage of your life is sure to be traumatic, after all, nobody goes into a marriage thinking they may one day be reduced to custody battles and division of property and, even if the love has gone, there is likely to be some sadness for what you once believed you had. While divorcing after 50 may be simpler in some ways than divorcing when you are younger – for example, you are less likely to have minor children to consider, and custody arrangements to agree to – there are some aspects which can be more complex, and should be given due care and attention.

The main one of these is the question of how divorcing at this stage of your life could affect your retirement plans. For instance, would you have time to rebuild the financial nest egg you and your estranged spouse had put aside for your twilight years?

An experienced Salt Lake City divorce attorney from The Ault Firm outlines what you should be aware of when agreeing the terms of your separation.

Divorce Amongst Over 50s Has Doubled Since 1990

Through studying divorce statistics over the past three decades, researchers working on behalf of The Pew Research Center have reported that the number of divorces occurring between couples aged 50 or older doubled between 1990 and 2015. The most recent figures for these “gray divorces” show that around 10 in every 1,000 married people, aged at least 50, can be expected to divorce. While that still represents a relatively small proportion of all Salt Lake City divorces, your own divorce is a significant, and generally traumatic, life event, regardless of how many of your peers are going through the same.

If you are over 50 and facing divorce, it is normally recommended that you and your spouse consider a collaborative divorce. Of course, this will depend on the relationship you currently have, and is unlikely to be a viable option if you are not on speaking terms, but it is worth considering. If you are already divorced, it may be worth renegotiating the terms too. As this will depend heavily on your personal circumstances, you should discuss your options with an esteemed Salt Lake City divorce attorney if you think it may be a good idea for you and your former spouse.

For now, what exactly is a collaborative divorce?

Collaborative Divorce in Salt Lake City, Utah

As the name suggests, a collaborative divorce is one where both parties work together to come to a mutually agreeable arrangement relating to division of assets, child custody, and other aspects of the divorce. The main purpose of choosing a collaborative divorce is to avoid going to court, and the associated stress and expenses, instead working as a partnership for, perhaps, one last time as you amicably discuss the terms. Despite the collaborative nature of this option, it is still advisable to seek legal representation from an expert Salt Lake City divorce attorney, to ensure that your best interests have been protected.

To discuss your circumstances with a Salt Lake City divorce attorney, call us today on 801-539-9000 to schedule your initial consultation.