Although the reasons for an elder couple’s divorce might be similar to the younger couples, like adultery, financial issues, and regretting past decisions, they will have to file a divorce for a couple over 50, and they will have to deal with some additional complications.
If you seek a divorce in your old age, you must contact an experienced divorce attorney to learn more about the issues and legal procedures you will have to face to make your divorce final. Your lawyer will also explain the financial aspects like asset distribution, social security, etc.
Issues you might face while diving your asset in an old age divorce
Having a home to yourself with your increasing age is a crucial necessity for every older person. Moreover, you receive several economic aspects after a particular period like tax, mortgage return, tax benefits, etc. These returns and financial aids are vital to sustaining your life after retirement since you won’t have a fun source of income.
A primary residence has provided you with healthcare benefits like Medicaid and other public benefits. In addition, if you are the house owner, you can also generate rental income in your old age, which is the easiest way to make money without you putting in any work.
After retirement, you are entitled to several retirement plans to sustain life after your career. These plans are nothing but the money you saved up through various benefits and policies to live a comfortable life after your retirement.
When you seek a divorce, you must be careful about the paperwork and remove any division of retirement benefits from them.
Social security benefits
Although social security does not count as an asset during the financial distribution in a divorce case, there are some conditions where your spouse can access your retirement benefits.
For example, if your marriage period was ten or more years, your spouse can collect retirement benefits based on your social security benefits record. However, this will not affect your benefits after your divorce. Moreover, if your spouse was not working during your marriage, they are entitled to 50% of your social security benefits.
If your ex-spouse dies, you can receive the full survivor benefits of your ex-spouse’s social security benefits. But there are some eligibility criteria you must fulfill as your marriage must last for ten or more years, you have to be 60 or more, anyone less than the required age must wait, and you cannot receive retirement benefits more than your former spouse.