If you’re over 50 and considering a divorce in Ohio, chances are your life looks very different now than it did 20 years ago. While you don’t worry about child support and parenting plans today, you may have other equally stressful concerns. With your children grown, you and your partner may have different ideas about what the next phase in life holds.
According to Psychology Today, the divorce rate for couples over the age of 50 has tripled in 25 years.
Child custody, spousal support and parenting plans often take center stage with couples in their 20s and 30s. However, if you successfully launched your children and have an empty nest, other issues may take priority. You and your spouse may have retirement accounts. Penalties and the tax bill can become costly if you make a mistake when splitting them.
You must submit a qualified domestic relations order to plan administrators for each 401(k). The divorce decree can detail any IRA splits. However, you may end up paying fees and an early withdrawal penalty if you are not yet 59 1/2 years old.
For couples who stayed together for their children, the split may offer relief from daily tension. However, anxiety and depression often become serious health issues when people split after a long-term marriage. Self-care during and after the divorce can help you stay healthy and provide opportunities to find a new path in life. Support groups, exercise and new hobbies are often among the activities that help pave the way.
You likely have more assets now than you did as a young couple. Understanding the complexities of the situation can help you get a fair settlement and help smooth the divorce process.