Getting divorced is never easy. Building a life with someone, only to watch it crumble, can take a steep emotional and physical toll. This is especially true if you divorce later in life. But, what other considerations are there? If you are considering divorce over the age of 50, here’s what you need to know.
Impact on Children
You may think that getting divorced later in life would be easier for your children, but that isn’t always the case. This is especially true for older children who have moved out of the house, as they may struggle to adapt to a situation so out of the norm. Such was the case Gail Konop, whose older children struggled with the changes. At one point, Konop notes that her older daughter exclaimed: “I don’t want to come home anymore — it’s so weird.” Simply put, don’t think that waiting to divorce later will mean less stress for your children.
For many older adults, especially those who have been out of the workforce for some time – like home-makers – divorce over the age of 50 can be a frightening proposition. In some instances, those individuals may seek to go back to school to obtain a degree, in order to enhance their employment opportunities in the future. If this is the case in your divorce, consider the cost of obtaining a degree and the future earning potentials associated with it. Then, use this information in the divorce settlement negotiations. You may find you can save on alimony by funding your former spouse’s educational goals.
Beyond familial issues and the emotional trauma of divorce, finances are the most important consideration to take into account when it comes to divorce later in life.
Nearly every decision you make in a divorce has tax implications in some form or another. In regards to alimony, for example, should you consider a one-off payment or a monthly sum? Should you keep the house you’ve lived in for years, or sell it? Even any support that you offer your children can have far-reaching tax implications.
When you divorce, especially a divorce over the age of 50, you’ll naturally want to receive your share of any retirement assets, including IRAs. Unfortunately, even IRAs aren’t safe from the taxman, who will seek an early withdrawal penalty for any funds removed before the age of 59.5. This penalty is usually 10-percent of whatever funds are removed from the IRA account.
Fortunately, for couples who have divorced, there is a way to access the funds through what is known as a Qualified Domestic Relations Order (QDRO). Using a QDRO, you’re allowed to make a one-off withdrawal from your ex-spouse’s 401(k) or 403(b) retirement plans without incurring the normal penalties for early withdrawal.
If you are divorcing, it may seem tempting to hide assets from your ex-spouse. Conversely, you may feel that he or she may try to hide assets from you, too, in order to keep you from receiving the whole amount you are due. Hiding assets is illegal and if caught you can be charged with perjury and face jail time, or may lose said assets to your ex-spouse. If you feel that your ex-partner is hiding assets, be sure to contact an experienced divorce attorney right away for a consultation.
Contact an Experienced Divorce Attorney Today
If you are considering divorce you need to contact an experienced attorney right away. Patrick
Cordero has extensive experience in all facets of law, including family and financial law. Call The Law Offices of Patrick L. Cordero for a free consultation today at (305) 445-4855.