With divorce between over 50s becoming more common, you may be thinking about it, too. While divorce is complicated at any age, there are a few things that are especially relevant if you are older.
- Health insurance: If you were insured through your spouse, ending your marriage may leave you uncovered. You need to make sure you will have the funds to purchase health insurance. After all, the older you get, the more likely you are to need health care.
- Real Estate: You need to ensure that you and your spouse have a home to live in. If like most people, you have just one home, you may need to sell it so that you can buy separate homes. Or one party could buy the other out and retain the family home.
- Social security benefits: If you wish to claim social security benefits after a gray divorce, you need to meet a few requirements. Firstly, your ex-spouse needs to be entitled to them. Secondly, you need to be 62 years old and need to have been married for 10 years minimum. If you get remarried, you will lose entitlement.
- Estate planning: While your kids have hopefully left home by now, you need to plan for their future, as well as yours. If you intend to leave something to your children when you die, consider how your divorce will affect your estate plan.
To find out more about settling your Louisiana divorce, seek legal advice. Make sure you understand the full financial and legal consequences of ending your marriage.