Divorce is one of life’s most difficult challenges, regardless of how old you are when it happens. When people think about divorce, they tend to think of younger couples rather than those who may have lived most of their lives together. Nowadays, more people are divorcing older. One reason for a spike in older couples divorcing is that many people wait until their children leave the nest before they create separate lives for themselves.
Choosing divorce can be in your and your spouse’s best interests, but there are some unique challenges to keep in mind.
Splitting your assets
After being married for years, you will likely have a lot of marital assets. Determining separate property can be difficult because you have not had separate lives in years. In some cases, one spouse may not have worked throughout the marriage. Splitting assets should be fair for both parties to start their lives over. If you and your spouse can communicate, mediation can help you split everything fairly without becoming combative.
Telling your adult children
When it comes to divorce and children, most worry about younger children. After all, with minor children, you have to determine custody and child support. However, some evidence shows that adult children may take divorce even harder than children. You and your spouse may have an easier time divorcing when your children are adults, but you are less likely to recognize the emotional impact it has on them. Expect your kids to have an emotional reaction to the divorce.
When divorcing later in life, you have to remember to take your retirement accounts and social security into consideration.