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What financial troubles might arise during an over-50 divorce?

On Behalf of | Mar 16, 2021 | Family Law

Divorce could happen to any couple of any age in North Dakota. Even older persons over the age of 50 may discover their marriage falling apart. While the process may take an emotional toll, divorcing spouses need to remain focused on a marriage dissolution’s financial aspects. Unfortunately, some may make avoidable errors that prove costly.

Points to consider when older persons divorce

Some married couples remain together for decades before divorcing. Over the years, the spouses may drift apart, or other issues could contribute to a breakup. Upon divorce, the spouses may learn that a single person’s fiscal landscape may be much more different today than it was decades before.

The cost of living commonly increases over the years, which is something most people are likely well aware of. They might not be fully aware of how cost-of-living changes affect a single person, however. When older people divorce, they could suffer from reduced income potential while dealing with newfound and unexpected expenses.

Such concerns may arise during a divorce settlement. One spouse may seek additional spousal maintenance to navigate post-marriage financial life, and the other spouse negotiates for lower payments to address his or her financial predicament.

Not weighing the costs of being single could prove disastrous. There are other mistakes to avoid as well.

Looking at the overall financial picture

Older spouses headed to a divorce might need to review their financial situation. Not knowing tax implications or current debt levels or who owes what debt might lead to a catastrophe. Some might become sentimental about owning a house, even though the costs would prove challenging to afford. Taxes, upkeep, maintenance and insurance all come with costs. Perhaps selling and dividing the proceeds would be best for both spouses.

Thorough discussions with a family law attorney could help those dealing with an over-50 divorce. An attorney may attempt to negotiate the best financial settlement.