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Divorce later in life can carry costs

In North Carolina and across the United States, the divorce rate for people above the age of 50 has increased. Nationally, the rate of divorce for couples in this age group has escalated by 50 percent since 1987. One in four couples divorced after the age of 50; this can pose challenging and difficult questions for dealing with finances.

The impact of divorce can be different for people who have stopped working or who are close to retirement. The division of assets can include real estate, pensions, retirement savings and plans, stock options and other investments. In addition, life insurance, care insurance and other policies are often deeply intertwined, especially for long-time couples. This can make divorce later in life particularly complex with less time to recover financially.

Of course, it can also be difficult on an emotional level as well. Family and friends can find it difficult to deal with the divorce of a couple who have been together for most of their lives. At the same time, however, there is a growing dating scene for both divorced and widowed people later in life. However, the ability to enjoy it can be more difficult in the case of financial hardship.

Divorces can cause increased withdrawals or mandatory division of a retirement fund as well as escalated debt, especially as one household becomes two. It’s important also for people divorcing later in life to plan for the issues that can come with a contested divorce, including the emotional and financial aspects of the end of the marriage.

People considering filing for divorce can consult with a family law attorney to discuss plans for the end of a marriage as well as the details of its impact on a person at or near retirement. A family law lawyer can help older people seeking divorce with representation and advocacy that protects their rights and their assets.

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A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.
Anonymous

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.
Kelly

Highly Recommend!

Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
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