When you and your spouse have been married for a significant number of years and both of you are nearing retirement or have already retired, the risks you face are especially unique. While these same risks may be somewhat stressful for a younger couple going through a divorce, they could be more challenging for you. At EGJ Family Law, we are committed to helping divorcees in South Carolina to maintain a realistic perspective and prepare for their future.
According to Forbes, one notable challenge may be that the ability to define marital and premarital property becomes increasingly difficult the more years you have been married. Things like health insurance could be difficult to determine ownership of and as a result, you may be required to establish your own policy. Depending on your experience and understanding of insurance, it may take some time to acquire a plan with similar benefits to what you previously had.
Another area of difficulty may be splitting assets such as retirement plans and social security benefits. For a younger couple who has yet to establish a retirement plan of any kind, this is generally not a concern. However, if both you or your spouse have accumulated retirement benefits over the years, deciding who gets what can be complicated. If only one of you was the sole breadwinner and the majority of retirement benefits are due to one person’s contributions in the workplace, the final distribution may not be equal.
When you are familiar with some of the challenges you may face during a late-life divorce, you may be better prepared to effectively petition for the outcome you wish to have. For more information, if you are preparing to get divorced, visit our web page.