A growing number of American couples are calling it quits after long marriages, according to The Wall Street Journal. However, these late-in-life divorces bring new challenges for older adults.
“As years go by and they get close to retirement age, where they have to be near one another more, one of them realizes they don’t want to live the rest of their life in this manner,” a divorce lawyer in New York explained to the publication.
When a couple decides to divorce after a long marriage and they have done well financially, it can be difficult to figure out how investments, pensions, other retirement savings, vacation homes, businesses and other assets should be divided.
The needs of older adults going through a divorce are also different from younger separated couples, explains New York financial adviser Jeffrey Landers. The goal is often to walk away with enough money to support retirement, especially since it can be difficult to find work later in life.
According to Smart Money, it is a good idea to create a new power of attorney document after a late-life divorce. Usually, that person is a spouse, but after a divorce you must appoint someone to be able to make decisions for you if become unable to make them.