Gray divorce has become increasingly common, and more people in their 60s are filing for divorce. When you get divorced in your 60s, there are certain issues that you need to consider.
Telling Adult Kids About the Divorce
Most people getting divorced assume that the complications of informing their children end once their kids are adults themselves. Yet in gray divorces, it is still important to tell your kids about the divorce. Moreover, you should anticipate that your children are still going to be upset by the news and that they will have questions.
Returning to Work
After the division of marital property and moving into separate residences, many divorcees in their 60s need to return to work. If you have recently retired, you might need to find employment again, even if it is a part-time job.
Dividing Retirement Savings
Any retirement savings you have will likely be classified as marital property and will be divided in your divorce. Generally speaking, any retirement assets you earned or saved after the date of your marriage will most likely be marital property. As such, those retirement assets will be part of the process of equitable distribution in your divorce in your 60s. Whether you have already retired or you are planning to retire in the next year or two, you need to know that those retirement assets will be distributed between you and your spouse in a way that the court decides is fair.
Divorce courts consider many different factors when deciding how to divide marital property and what kind of division is equitable. These decisions are made on a case-by-case basis, based on the facts of your case. The key thing to know is that even if your retirement account is in your name and based entirely on your earnings during the marriage, those assets will most likely be divided.
Social Security Benefits
Many people in their 60s rely on Social Security for money during retirement. Each person’s Social Security benefits are calculated based on their earnings. This means that your Social Security benefits are based on your individual earnings. Unlike retirement accounts, Social Security benefits are not divided in a divorce.
However, you should know that your spouse may be able to collect benefits based on your Social Security record. When a marriage lasts at least 10 years and an ex is unmarried and at least 62, that ex can receive disability benefits based on your record. The Social Security Administration (SSA) clarifies that your ex’s ability to receive benefits will not affect your benefit amount.
Planning for Health Insurance
Health insurance is especially important for adults in their 60s and up. Getting divorced may affect your health insurance, especially if you have not yet retired and you have health insurance through your spouse. Most people will become eligible for Medicare at the age of 65. If you are not yet 65 and you get health insurance through your spouse, you will need to make plans for a new health insurance plan quickly.
Contact a Charleston Divorce Lawyer
The South Carolina divorce lawyers at The Peck Law Firm can provide you with more information about gray divorce and issues that may be specific to your case. Contact us online or call us at (843) 631-7117.