Some people in Michigan who divorce may have been married for 20 or 30 years or even longer. Divorce among older people is on the rise, and in 2014, divorce was twice as common for people over 50 than in 1990. The number rises even higher for people over the age of 65.
Divorce after decades of marriage can bring a number of emotional and financial challenges. The prospect of separating lives after being together for so long can be daunting. However, it is important for people to understand their finances and how they will change after the divorce. It might be necessary to make a budget. A person may be able to draw on their spouse’s Social Security payments. Although an individual might want to remain in the family home, it is important to understand whether they can afford to do so.
If this is not affordable, other living arrangements may be necessary. As more older people are becoming single, some are choosing to live together. A person who chooses this route might want to be sure to draw up agreements with housemates. Finally, it may also be necessary to get a job even for people who are older than 65. Being flexible, staying in shape and working to appreciate this new stage of life are all important at this time.
An attorney may be able to assist someone who is struggling with making decisions about their divorce and property division due to being overwhelmed with emotion or because they do not have a firm grasp on their finances. For example, a person who has never worked outside the home is probably still entitled to a portion of their spouse’s retirement account, and this account may be important in securing themselves financially.