Divorce after 50 is quite common. Several factors contribute to these phenomena. First, people who live together may grow apart with age. Also, a lot of working women are out-earning their husbands and this financial independence may make them decide to seek a divorce. Husbands and wives may also have a changed relationship as their children grow up and leave the family home. This article explores the factors to consider in divorces that involve couples over the age of 50:
How an Older-Age Divorce Affects Children
Couples who are more than 50 years old may have older children, who may have emotional issues with divorce. Although this divorce may not involve battles over custody and visitation, it still addresses several issues.
Kids under the age of 18 are still subject to court-ordered visitation schedules. However, a lot of younger children have developed their own social lives and may not want to spend the weekend with their father who lives miles away from their mother, friends, and classmates. Additionally, a divorced parent of a college child may be forced to pay for their child’s education. The court concentrates on the ability of every parent to pay and may require one spouse to assist financially with college tuition or room and board even if they have no intention to do so while married. If you have questions on this matter, you should consult your charlotte family law attorney for guidance.
Increased Living Expenses
According to experts, living expenses can be at least 40% higher when living alone than when you share expenses with your spouse. These expenses are a reality regardless of your age. After your divorce, you may become responsible for a bigger part of other expenses like health, and medical, and car insurance. And if you get the marital home, you will have to deal with the upkeep and repairs.
Debts
North Carolina is a non-community property state, which means that you are responsible for marital debts or jointly held debt, and your personal debt. You must get a dependable credit report before you finalize your divorce to get details about your debt and avoid surprises.
Tax Consequences
During the divorce process, almost all financial decisions you make involve tax consequences. You must think about the tax implications of a lump sum versus smaller monthly payments or getting a brokerage account versus a retirement plan. Also, take into account who will pay the capital gain taxes if you sell your marital home for a profit. Before you make these decisions, consider consulting an accountant, or tax advisor.
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