Tips For Going Through A Divorce Late In Life

Some couples realize that they want to get a divorce early into the marriage and do it while they are young. However, others don't make the choice until much later in life. They may be sticking together due to kids that have not yet left the house or because they didn't run into marital problems until they became older. If you find yourself going through a divorce later in life, here are some tips to help you get through it.

Secure Your Retirement

Many spouses are entitled to receive the retirement benefits that have been earned by their partner. However, the process of receiving those benefits is not very clear. Sometimes it requires a court to order the division of retirement benefits, which involves bringing in a lawyer to walk you through the process.

Retirement accounts have many problems with simply splitting them up. There are often tax penalties that come with doing so, which are not exempt if the account is being divided due to a divorce. Some people have used their retirement account as a form of collateral for a loan, and cannot simply divide the account up with it affecting the loan.

Your lawyer can let you know what your options are for dealing with your retirement accounts so that you are not left without any retirement savings after a divorce is finalized.

Reevaluate Your Will

Chances are that you made a will a long time ago, and your divorce will impact what you have decided on in the past. Assets that you planned to pass on in your will must be divided between you and your spouse first, and then you will have a smaller group of assets that will be yours to list a recipient for. It's crucial that you reevaluate your will after a divorce to ensure that everything you've written in it can still be legally done. You don't want loved ones to end up in a situation where certain property was supposed to be given to someone, but it was given to a spouse in the divorce.

Consider Your Health Care

Getting a divorce will mean that you will not be eligible to be on a spouse's health insurance through their employer. This can be problematic if you were depending on that coverage. Make sure that you are requesting enough spousal support to cover your own health insurance coverage, or look into ways to stay on a spouse's health insurance plan if it is more affordable for both of you.

To learn more about divorce, contact a divorce attorney in your area like those at Hugh O. Allen Law Offices.