Societal beliefs about marriage and divorce have changed a lot over the years, leading to fewer marital unions and more endings than in past generations. Even the average age of people who tie the knot has gotten higher.
Furthermore, seniors go through divorce more than before. Causes include more financial security and economic opportunities, less stigma and longer lifespans. Whatever the reason, if you are a senior man considering divorce, you need to be aware of the unique factors that affect the process.
Spousal maintenance
Maintenance, or what you may know as alimony, is not only very likely for a judge to order, but it is also to be high and long after ending a long-term marriage. How long you will have to pay will partly depend on the duration of the marriage. For example, if you were together for 20 years or more, you may have to pay for the same number of years or even longer. You need to make sure you have the financial resources to make payments.
Retirement accounts
Younger couples may not have retirement accounts yet or not much in them. For senior couples, the stakes are much higher. Make sure you talk to an accountant or another tax professional on the different ways you can divide pension plans and the like and the tax implications for each.
Adult children
You probably do not have to worry about custody and child support of minor children at this stage in life. However, you will have to care for adult children with special needs.
Also, divorce has an impact on all children, no matter their age. That means you should not be surprised if your adult offspring have a hard with the news, especially if you and your spouse did a good job keeping up appearances for their sake. They may need some time and space to process things, and they may even take sides. On the other hand, they may be understanding and supportive of your decision.
