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Special Issues in Late Life Divorce

Special Issues in Late Life Divorce

A late life divorce includes many of the same challenges as a divorce when you are younger. However, older couples also face some unique, age-related issues as well, including health concerns, retirement, and greater emotional impact. One of the biggest differences in late-life divorce is the fact that you will have less time to recover financially afterward. If you are getting a divorce after 50, or are considering it, it is important to consider division of assets like your home, retirement plan, and Social Security When dividing assets in late life divorce,there is more to consider than just the market value of the asset. Some assets will be more useful to you later in life than they are now, such as your house. Your house could be of greater value to you since your age allows you to be eligible for real estate property tax exemptions. Your house could also be a more valuable asset since you could be eligible for a reverse mortgage once you are 62 years old, which could offer additional income. As you grow older you might want your house for tax benefits such as mortgage interest or exclusions from gains upon sale. The house might also be a more valuable asset to you since the house owner can qualify for public benefits such as Medicaid, and have access to equity and potential rent income. Another issue to consider in late life divorce is dividing retirement plans. Dividing retirement plans can be complicated, so it is important to consult with your lawyer. You may need a Qualified Domestic Relations Order, which is a separate court...