Helping Clients Navigate A Course To A Better Future

Divorce can be costly for senior citizens

Divorce can be costly at any age, but it can be especially hard on North Carolina’s senior citizens. Older couples going through a separation will have to split their assets, which must then be used to support two households.

Since the 1990s, the national divorce rate for people over 50 years old has doubled. The rate is even higher for older couples who have been married before.

One way to lessen the financial impact of a late-in-life separation is to consider a collaborative divorce in which both sides meet to iron out a mutually beneficial agreement. Couples who are already divorced may want to renegotiate the divorce agreement to take advantage of new tax laws. Beginning with new divorces in 2019, alimony will no longer be deductible. This means the receiving spouse will not have to pay income taxes on the spousal support. To compensate, this could also result in lower overall alimony payments.

If couples have been married at least 10 years, the spouse who earned less money may be able to claim higher Social Security benefits on the higher-income spouse’s earnings history. However, both spouses have to be at least 62 years old.

Regardless of how old the couples are, the end of a marriage can be devastating. Unfortunately, seniors may not have the time to recoup the financial losses incurred with a divorce. When the couple makes the decision to divorce, they may each want to consult a family law attorney. Such an attorney could help a couple come to an agreement on spousal support and a property division.

Client Testimonials

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
FindLaw Network