Divorce After 50
Divorce is always complicated. However, if you divorce later in life, those complications only increase. While child custody issues for couples over 50 may not be as prevalent, issues related to retirement benefits, health care coverage, life insurance and estate planning are. Will you choose to use a divorce mediator or let the courts decide?
Before deciding to divorce, pre-planning may be in order and/or talking with one of our divorce lawyers here in PA. Some things to consider:
- Are you covered by your spouse’s health insurance through his or her employer? If so, have you explored the options for individual coverage and the cost of that coverage after divorce?
- Do you have retirement benefits of your own or are all the retirement benefits with your spouse? In Pennsylvania, if earned during the marriage, the retirement benefit is marital property subject to division. Nevertheless, dividing retirement benefits must be done carefully so as to avoid surprise tax consequences and penalties.
- Do you have life insurance? Does your spouse? Is continuing coverage necessary to insure an alimony obligation or the payment of debt?
- How can and should your Estate Plan change if you decide to divorce?
All of these questions and issues can be addressed if handled with proper planning and forethought. For more information on this topic or any other topic related to issues of divorce, custody, support or family law in general, please contact Tim Colgan or call (800) 615-0115.