For many older Ohio couples, getting a divorce later in life is becoming more common. There are many reasons this might occur. For example, the kids may have left the home and the couple realizes they are no longer in love with each other. Irreconcilable differences can drive couples apart even if they have been married for decades. Additionally, getting a divorce has become much more acceptable than it was a decade or two ago.
If a couple who has been married for decades decides to split, understanding the state of their finances is of the most importance. If the former couple was living on just one income, that income must now be stretched for two separate households. Each person may have to sell some marital property, including the family home. Under some circumstances, they may also be able to piggyback off of their former partner’s Social Security earnings history when it comes to drawing benefits.
Regardless of what assets the former couple actually has, both individuals should prepare a financial plan they can live with once the divorce is finalized. In some cases, former spouses may need to be flexible. This may mean seeking out a job to pad out finances. Updating their resume with recent skills may help.
Because understanding their financial situation is extremely important for older individuals, it is always recommended that they discuss their divorce legal issues with a family law attorney. The attorney may help them get a full grasp on all of their finances and what assets they can expect from the marriage. In some cases, the attorney may assist with finding any hidden assets that the former spouse may have been hiding throughout the marriage.