Golden divorces can affect your quality of life

Divorce during the golden years presents its own set of unique challenges. Regardless, sociologists at Bowling Green State University conducted research that revealed that the rate of divorce for those over 49 increased twofold between 1990 and 2010.

If you are in that group, you may want to consider the following:

-- Spousal support is usually a given in a long-term marriage in New York. While nearby states like Massachusetts have recently revamped their alimony guidelines, one New York City attorney said that courts can still grant lifetime alimony to spouses.

-- Keeping the house can cost you something even more lucrative. It can be emotionally devastating to lose the house in which you reared your children in a divorce, but hanging onto it for sentimental reasons is not always wise. The trade-off could be reduced support or a smaller slice of the pension pie. Property taxes and maintenance eat up a big chunk of the budget.

-- Retirement funds can be halved. If you counted on a full retirement pension to maintain your lifestyle, a divorce can alter that reality.

-- Even adult children struggle with their parents' divorce. Personal feelings aside, if parents were in the habit of subsidizing adult children's or grandchildren's lifestyles, this may no longer be possible. Resentments could surface that increase family tension.

-- If you tie the knot again, make sure that you get a signed prenuptial agreement.

Don't be penny wise and pound foolish in a divorce and agree to share an attorney. Each party needs to retain separate counsel to help ensure that their interests are protected.

Source: Daily Finance, "7 Things to Know About Divorcing During Your Senior Years," Maryalene LaPonsie, accessed Nov. 27, 2015

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