Gray divorce is on the rise, and if you count yourself among those splitting from your spouse later in life, you may face hurdles that younger divorcing couples do not. The longer your marriage lasts, the more likely you are to have amassed considerable wealth or assets together. Thus, it may take extra time and effort to protect your financial interests when you divorce later in life.
The older you are, the less likely it is that you are going to continue to work and bring in an income. So, to help protect your financial interests and give yourself a good shot at financial success on your own, consider taking the following steps.
Request spousal maintenance
If you stopped working or furthering your education so that your partner could do so while you cared for your family, you may have a strong case for spousal maintenance. Generally, the older you are and the longer your marriage lasted, the better your chances of securing it.
Assess your Social Security situation
Sometimes, you may be able to receive some of your former spouse’s Social Security earnings after a divorce. However, you must meet certain eligibility requirements to do so, which many people do not realize. You must be of a certain age to collect some of these benefits, and your marriage must also have lasted at least 10 years for you to do so.
Determine whether your ex needs life insurance
What happens of your ex pays you spousal maintenance and then dies or becomes incapacitated? In some cases, your ex may need to take out a life insurance policy that would allow these payments to continue in his or her absence.