When you decide to get a divorce later in life, there are many factors that you need to consider. Divorcing later in life means that you have a few additional things to think about, like dividing your retirement account or finding out if you’re entitled to any of your spouse’s pension.
One thing you’re likely to need is a Qualified Domestic Relations Order (QDRO), is an order that lets ex-spouses collect funds from a retirement account early. The QDRO shows how the assets will be divided. It can help you move those funds, too, without the same penalties you’d otherwise face.
Do you have to worry about your will after a divorce?
Yes, that’s a change you’ll need to consider, too. If you have a will, you need to review it after any major change in your life. You need to make sure your will assigns your assets only to the beneficiaries you want to have receive them.
Will you be eligible for spousal support after a gray divorce?
It’s possible, depending on the funds you have available, your career and income potential along with other factors such as age and health. If you have stayed at home and have few opportunities to get into a job that pays enough to support you, there is a chance for those going through gray divorces to receive permanent alimony, though it is extremely uncommon. Most of the time, alimony is rehabilitative and lasts only a few years.
Your divorce attorney will speak with you more about all the things you need to consider about going through a divorce over 50.