You may find your marriage is no longer working out as you approach your retirement years. However, heading to divorce court may not be your best option, particularly if you have accumulated a lot of assets over your adult life or currently own a business.
Older couples tend to have more complicated finances. Since divorce involves dividing up your marital assets, you will need to understand your financial situation. This may be a frightening prospect, but mediation could make it easier on you.
Mediating an older couple
As Kiplinger explains, couples nearing retirement may possess a number of retirement accounts in addition to their regular savings. You might have saved money in a traditional IRA, a Roth IRA, a 401(k) or a workplace retirement pension. Dividing up these accounts takes an understanding of how different laws will apply to them.
If you face a financial situation that is hard for you to grasp, a collaborative divorce may assist you. Some mediators are not only experts at family law, but they also understand complex financial matters and can shed light on the best way to divide a retirement account. For additional help, you may also bring a financial planner into the mix.
Negotiating a financial settlement
If you divorce as an older person, another outcome to worry about is the amount you will end up with. You or your spouse may face fewer earning years left or a declining state of health. If so, the spouse who suffers disadvantages may require a larger share of the retirement accounts.
This is likely to be a major subject of negotiation during the process. You might be fine giving your spouse more money if it means you can keep the marital home. Mediations often help the divorcing spouses realize what their goals are and focus towards an agreement that meets these goals as best possible.