This year has allowed many people to reflect on what they have achieved in life, where they are now and what they want for their future. If you are nearing retirement age, one of the decisions you may reach is that you need to enjoy life while you can. To do so may require you to divorce — particularly if your marriage has been unhappy for a while.
Is divorce right for me?
These are some of the things you should think about if you are considering divorce in your 60s:
- Healthcare: If the healthcare of one of you was based on the other person’s policy, work out the cost of individual insurance. As you approach retirement, you are more likely to use it.
- The effect on your finances: The older you are, the less likely you can replace wealth lost in a divorce. Your cost of living will probably rise too; now you have to pay for everything yourself, rather than splitting it. Make sure you have a way to finance your future.
- Your estate plan: Anyone needing a divorce should update their estate plan. Both partners need to draw up separate estate plans after divorce, to reflect the assets they leave with. Consider how you will pass any assets to your children. Be sure to include healthcare directives.
- Spousal support or alimony: If you agree that the financially better off person will give financial support to the other, remember this will end on their death. So, if you are the one reliant, consider what will happen if you outlive them? How will you survive financially without that income?
Get professional help now
Seek legal help to understand the implications of divorce in your 60s. While nobody looks forward to divorce at any age, things can be more complicated when you’re older — and you want to move forward aware of all the potential risks and benefits.