Owing to the issues involving marriage, older couples also get a divorceas the young couples do, however, their considerations may be unique and not as prominent as among younger couples. A report published by Bowling Green State University the divorce rate between older people has grown from 1990 to 2010, more interestingly; the divorce rate is higher in remarriages than first marriage cases. Divorces in older age are increasing due to factors such as financial independence and changed societal attitude towards divorce.
Division of Property:
Many states follow the rule of equitable division given to particular circumstances. In order to divide the property in such cases,these states follow community property principles. This means that entire income and property obtained during the marriageis equally divided between the parties, as they took longer to make assets and the division can become difficult. In many cases, the older couples may agree to divide the property in order to lawsuits as their increased financial issues are more than the younger couples.
Support from the Spouse:
Temporary financial support from the high-earning spouse may be considered in many states. This support may help the low earning spouse to acquire education or job skills. Those couples who have remained in marriage for ten or more years, spousal support in most cases can be ordered by the court. In certain situations, such support can be considered for life.
However, when the circumstances change, and the high-earning spouse gets retired, the spouses are supposed to realistically expect the financial support.
Division of Retirement Accounts:
One of the important matters that impact the lives of the spouses after divorce is the division of retirement account especially when there is limited time to regain the funds. The funds are divided into two, which means these funds will support two houses instead of one. In order to avoid spousal support payments, few people can consider handing over a part of the pension to another spouse. Keeping in mind the negative tax implications in this scenario, it is important that spouses should know well about their rights and the implicationsof each of their decision regarding financial arrangements.
Qualified Domestic Relations Ordermay be needed in most cases. This means that there is a separate court order used to divide the retirement funds. Couples can discuss the provisions to be included in such orders with their divorce attorney.
Marital estate usually refers to a maritalhome. An important step towards the divisionof assets in a divorceis whetherthe couple wantsto keep the home or sell it and divide the money. One of the spouses can keep the home in order to be eligible for the real estate property tax exemptions. They can also consider having built-in housing to keep the expenses lower after retirement.
Few people want to be eligible for a reversemortgage. Those spouses who live in the home can be eligible for several public benefits for instance Medicaid.
In case one spouse considers keeping a house will give up property rights to his or her other spouse, but still be subject to certain obligations such as maintenance, insurance etc.
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