11 Mistakes to Avoid When Divorcing Over 60

Tuesday, July 02, 2019

     Divorce over 60 can be very devastating because, at that old age, you may not be able to bear all the stressful and depressing experiences of getting a divorce after several years of marriage. Whatever steps you are taking towards your divorce during this period, you need to be more careful not to make mistakes that will harm your future. 

     However, according to Complete Case, divorce rates in the United States are reducing except for people over the age of 50 years, which is to show that currently married couples who have lasted in a relationship tend to grow apart from each other due to some reasons.

11 Mistakes to Avoid When Divorcing Over 60 

     Firstly, their kids are now grownups. And once they finally got a career to pursue, they move out of the house leaving both old parents with no other option than to think of divorce since they do not have their kids around them anymore who are the only reasons to stay together at the first place. 

     Another reason is the fact that women who earn more than their fellow spouses may not see the need to continue the relationship since they can financially take care of themselves without asking for help from the other.

The Financial Burdens of getting a divorce after 60 

     Divorcing in your 60s can be financially devastating. During the divorce process, you will spend money on court charges, attorney fees, and even divorce therapy. After divorce, the cost of living would be much high because you are now living single and you don't have anybody to share the household expenses. According to some research, divorcing in your 60s can also shatter your retirement plans due to the expenditures that come with a divorce. 

     The U.S government statistics have shown that household income drops by about 20% for men and 40% for women after a divorce. Most women around the age of 80 years who went through a divorce tend to have much less income than they had when they were married.

11 Common Mistakes One Needs to Avoid When Divorcing Over the Age of 60 Years 

     Undergoing a divorce can cause a lot of problems in your future if you do not handle the process correctly. It can shatter your retirement dreams and drain your savings account, leaving you financially down after the divorce. However, if you can avoid these divorce-related mistakes below, then you can rest assured of having a successful divorce without implicating your future or spending much on the divorce process;

Relying on advice from family friends and relations 

     You can control your divorce and make decisions that may positively affect your future after the divorce. Relying on what your family members and friends say may not always be the right option. Most of this advice may be misguided, and they can lead you into the wrong path.

     They do not know your financial information, including the breakdown of your assets and how much money you spend. Neither do they know the divorce laws in your state? So how can they possibly give you the right advice that will help in your divorce case? You can only accept emotional support from family and friends, but you can not follow what they say regarding your divorce or tell you what you are entitled.

Using an expensive lawyer for your divorce case when you can resort to other affordable means

     Your divorce doesn’t have to cost you much or bring more expenses to your budget. You can get an inexpensive divorce without a lawyer or having to pay many court bills, and how can you get a cheap divorce without a lawyer? By using online divorce platforms. Online divorce is a straightforward and less stressful process than the traditional divorce, which will require you to be in court. You can apply for a divorce online without a lawyer and still be 100% secured that your divorce is court guaranteed. With an online divorce, you don’t need to get the divorce papers in court. Instead, you will download your divorce papers on the online company’s website or get them from your local court's site.

     However, you cannot use an online divorce service unless you are filing for an uncontested divorce. In an uncontested divorce, you and your spouse must have resolved every issue regarding the divorce. And this includes child custody, alimony or spousal support, and division of marital assets. If you and your husband or wife can agree on these divorce-related issues, then filing for divorce online would be faster.

     Online divorce is the only affordable divorce that doesn’t require the use of an attorney’s services. They help to prepare your divorce documents and also have those documents reviewed by an attorney or a paralegal before filing them in court. They also offer instructions and guidelines which you will have to follow when filing for divorce online.

     Forgetting to make a complete list of all marital properties you possess when you are about to begin the divorce

     In some cases, couples who want to get a divorce always fail to keep a record of all the marital assets owned by each other. The benefit of creating a list of assets you own when divorcing is to avoid any false financial information stated by either you or your fellow spouse. 

     Most often, your spouse may even have a clear understanding of all the marital assets and finances than you. He or she is likely to know the amount of money you both invested in a particular thing, how much you both have in your respective savings accounts, and the value of all the properties owned by you both while you have no clue or record of your marital finances. 

     If you have no clue or idea of the amount of money and properties you and your spouse possess, then it is advisable to create a complete list of all the marital possessions before dividing them between you and your spouse. You should not only keep a record of what you have in your account but also track your retirement accounts and life insurances.

Not knowing the amounts you owed during your years of marriage

     Another mistake you should avoid is not knowing what you owed during the years of staying married. You should keep track of all the number of debts you and your spouse if possible owe because this helps to avoid any false information when sharing the debts. 

     In American states with community laws like Arizona, California, Texas, Idaho, New Mexico, Washington, Nevada, Louisiana, and Wisconsin, you will have to pay up your spouse's debts even if you are not the one owing. In most non-property community law states, you may also be responsible for held credit cards and loans jointly. So to avoid paying up unexpected debts, get a full credit report for both you and your spouse. 

Hiding your financial information or some marital assets from your spouse 

     During the process of filing for divorce, most spouses would prefer to hide some of their assets from their spouses, especially when there is a lot of possessions at stake and they wouldn’t want to lose most of them.

     In most cases, they would claim to have an average amount of assets, so they wouldn't have to contribute more money. If you are planning to keep secretive accounts of assets you possess from your spouse, it will only implicate your divorce process because it is an illegal and shady approach before the law. If by chance the court finds out that you have some hidden assets, you will be ordered to give your spouse additional assets.

Ignoring tax implications

     Each monetary decisions you make throughout your divorce process comes with a tax bill. Whether you are wondering if you should collect monthly spousal support payments or a lump sum payment? If it would be perfect to possess the business account or the retirement plan? If you should keep the family house or sell it? And then who should pay the mortgage until the house sells? 

     You may also get excited when your soon-to-ex spouse agrees to hand over an investment account with gains of over $100000, but you will still get taxed and hence reducing the amount you will receive. Whatever support you give, be it child support payments or spousal support, they all have their tax implications.

Keeping the house when you are not sure you can afford the household expenses

     After the divorce, you might have the chance to possess your family home. But you need to think critically about whether you can maintain the household expenses. As the home's owner, you will be paying for the upkeep, property taxes, and house damage repairs. You will also have to pay for the mortgage as well as the cost associated with keeping the property. Be sure that you can handle these household expenses before deciding to keep the home.

Mostly focusing on the future of your adult children when you haven’t thought about your health 

     Getting divorced after 60 years can have an impact on your health. Not only will you have to deal with the stress of getting a divorce, but you will also have to get used to doing things on your own without the help of your fellow spouse both financially and physically. No matter how much you try to help your adult children, you should also ensure that you have a healthy retirement income that you would use for your well-being.

Not knowing the various processes of divorce

     Would be best if you make your research on the different divorce processes available, this will help you get more informed and prepared for the divorce. It will also reduce your level of anxiety so you won't go rushing into a divorce process without knowing one or two things about it.

Not gathering and organizing your financial information before the negotiation process with your spouse 

     Before you start the negotiation process, have a clear understanding of how your future should be after the divorce, and set your priorities.

     Start by gathering and organizing every financial information relating to you, for example, making a comprehensive list of the number of assets you possess and how much money you have in your account before negotiating your soon-to-be ex-spouse. If you start the negotiation process too soon, either you and your spouse may want to back out from any written agreement once you have more information.

Not budgeting for the divorce process

     If you want to get a divorce, you will have to calculate and gather all the money you own first, including your assets. Get a summary of all your financial information and arrange the amount you will spend during the process. If you don't get prepared beforehand, you may end up spending an excessive amount of money in the process and being broke after the divorce

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