Divorce at any age comes with challenges. But after the age of 50, divorcing hits when retirement is close and the margin for financial mistakes is thin. It can present unique challenges to overcome, particularly when it comes to dividing property, crafting your next chapter and taking care of yourself.
The long-marriage money puzzle
West Virginia is an equitable distribution state, which means marital property is divided fairly. In general, property and debt spouses gain during the marriage are marital and eligible for division between parties. This may seem straightforward, but common pressure points include:
- Commingled assets
- A marital home that may be too big or expensive for one person to take over
- Property that’s hard to price, such as a small business and heirlooms
- Debt attached to credit cards, home equity loans and medical bills
After decades of a shared financial life, it can be complex and emotionally painful to go through the process of untangling and dividing assets.
What happens to retirement accounts?
If you were married for a long time, retirement benefits can be one of the biggest assets on the table. Depending on the type of plan parties have, it may be necessary to get a qualified domestic relations order (QDRO) or establish specific vehicles for transferring funds to avoid early withdrawal penalties.
Considering the tremendous impact retirement planning and savings have on our lives after a lifetime of working, dividing these wisely and fairly in a later-in-life divorce is especially crucial.
Health coverage can be a deal-breaker
For many of us, our medical and health care needs get more complicated and costlier as we age. Often, there are more doctor appointments, medications and ongoing treatments involved. One spouse may be on the other’s employer plan, and coverage can change fast after a divorce. Thus, addressing health care needs and costs in a divorce can be essential.
Financial support after divorce
West Virginia courts may award spousal support (alimony) in some divorces, especially after a long marriage where one spouse was out of the workforce for decades. But support is not automatic. The amount and length often turn on practical facts like each spouse’s income, earning ability, age and health, and the standard of living during the marriage.
Divorcing after 50 is tricky, but it doesn’t have to feel unmanageable. With clear information about property, retirement, health coverage and support, you can make choices that protect your future.