divorce later in life for the same reason younger couples terminate their marriage
– infidelity, desire for greater independence, and irreconcilable
differences can all cause couples to split, regardless of their age. Individuals
over the age of 50 face a unique set of obstacles in a late-life divorce.
Property and asset division is a crucial element to divorce proceedings. Retirement plans, for example,
can be extremely complicated to divide later in life – there’s
a chance you’ll need to file a separate court order, called a
Qualified Domestic Relations Order (QDROs). Social security, however, is not an asset that a court can divide
but there are rules put in place relevant to post-divorce income and benefits.
If your marriage lasted more than 10 years and you’re 62 or older, you may:
- Be eligible to draw Social Security benefits of up to 50% of a former spouse’s benefits
- Begin receiving your retirement benefits on your own Social Security or
your ex-spouse’s record
- Be entitled to receive benefits from a former spouse - if you’ve
been divorce for at least 2 years - even if your ex-spouse has not yet
received his or her benefits
Couples who are divorcing later in life may be faced with health conditions
that complicate or influence alimony or how marital estate is divided.
If one spouse has been diagnosed with a cognitive impairment, such as
Alzheimer’s or dementia, they may not have sufficient assets or
be able to earn income. In some cases, a spouse will ask that a judge
appoints a guardian or ad litem who will be responsible for making decisions
regarding personal health care.
It’s important that you reevaluate the people you’ve listed
as beneficiaries – if you’ve included your spouse in your
will, you may want to consider making the proper changes so that it accurately
reflects your post-divorce life. When discussing divorce settlements,
keep in mind that a will or life insurance policy can provide adequate
security for debts, alimony, and property.
To learn how our Las Vegas divorce attorney can help, contact Leavitt Law
Firm at (702) 996-6052. We offer
free case evaluations!