At Johnson & Johnson, Attorneys At Law, in New Jersey, we understand that every divorce is unique, and it is our goal to ensure that a couple finds the strategy that meets their particular needs.
If you are divorcing after the age of 50 and you have been married for 20 years or more, your needs may include these three challenges, according to Forbes.
- Property division
It is likely that because you have been married for so long, you and your spouse have quite a bit of marital property. In fact, all or most of your assets may be subject to division unless you created a prenuptial or postnuptial agreement or were careful to keep gifts, inheritances and other individual property separate.
This close to retirement age, you may not have much time to restore a retirement account that has been divided between you and your spouse. Not only that, as a couple, you could have stretched the larger amount much further because living expenses are much lower for one part of a couple than it is for a single person.
- Health insurance
At this time of your life, it is essential for you to have health insurance, at the very least so you can get your regular wellness checkups. If you have a medical condition that requires regular medication, health insurance can be even more essential.
Because of these challenges, it becomes particularly important to negotiate a fair divorce settlement that you and your spouse can both live with. More information about factors that affect divorce outcomes is available on our webpage.