If you’re among the growing number of people who are divorcing after decades of marriage in your 50s, 60s or older, you likely don’t have the same goals for your divorce as you would have had several decades ago.
While every divorce is unique, generally people who divorce in the latter half of their lives are focused on things other than child support and custody. If they have children, they’re probably grown and independent.
Let’s look at some key priorities that are probably important to you (or should be).
Fair property division
Vermont is among the majority of states that use the “equitable division” method of property division. That means if a judge is called on to determine the division of marital assets and debts because a couple can’t negotiate it themselves, these are to be divided equitably or fairly, which may or may not be equally or 50-50.
If you and your spouse have one or more homes, investment and retirement accounts and other valuable assets like artwork, leaving the marriage with your fair share can be crucial to a comfortable retirement.
Spousal maintenance
Alimony, or spousal maintenance, may be crucial – at least for a time – if one spouse outearns the other considerably. It’s especially important if one spouse has taken time out of the workforce over the years to be a stay-at-home parent and can’t just immediately become self-supporting. Further, an older spouse may have health issues that prevent them from working.
All types of income – including Social Security retirement benefits and retirement account distributions – that both spouses receive are considered when determining how much alimony one spouse will pay the other and for how long.
Health insurance
If you aren’t yet old enough to qualify for Medicare (65), it’s crucial that you get new health insurance lined up if you’ve been relying on coverage through your spouse’s employer-based plan. Once the divorce is final, you likely will lose that coverage. If you’re on medications or have a chronic or serious health condition, you definitely can’t afford to lose that coverage. In Vermont, insurance is available through Vermont Health Connect if you can’t get it through your employer.
Remember, too, that it’s important to get your own financial, tax and other advisors rather than rely on those whom you and your spouse have had together. Lastly, by having sound legal guidance, you can determine what your specific goals are for the divorce and work towards those goals as you begin this new chapter.