Certainly, every divorce is unique, and no one can tell you what your priorities should be simply based on your age. However, the increasing number of people ending their marriages (often after decades together) in their 50s, 60s and later typically are concerned about their financial future more than anything.
That’s especially true if they’re nearing or in retirement. Let’s take a brief look at a few key considerations.
Property division
Fair asset (and debt) division can make all the difference to your financial future. People often assume that because California is a “community property” state, each spouse walks away with precisely 50% of the couple’s combined assets and debt. It’s not that simple. It’s crucial to understand how different assets are divided and work toward a fair settlement.
Spousal support
This can be crucial if one spouse has let their career take a back seat to caring for their children or maybe helping their spouse build their business or career. People of both genders, but especially women, have a harder time getting back into the workforce as they get older. Depending on your age and health, that may not even be possible. Whatever the situation, if you’ve largely been reliant on your spouse’s income during your marriage, it’s critical that you get a fair spousal support (alimony) agreement.
Health insurance coverage
This is something that too many divorcing spouses of all ages neglect as they divorce. If you’ve been covered by your spouse’s employer-sponsored or other plan, that coverage will likely end when the divorce is final.
If that’s the case, it’s important to get your own coverage in place before then. If you don’t have access to an employer-sponsored plan, Coveredca.com has plans available at all price points until you’re old enough to qualify for Medicare. You’ll want to factor in the cost of your insurance if you’re seeking alimony.
These are just a few things to consider as you think about your financial and life goals for your post-divorce future. The sooner you get sound legal guidance, the better prepared you’ll be to work toward a divorce agreement that helps you fulfill those goals.