How Divorcing Senior Couples Can Turn A Bad Situation Into A Better One
The reasons that older couples tend to divorce are not that much different to the reasons why younger couples get divorced. However, older couples who choose to part ways need to have an Austin divorce lawyer who knows their special needs. Divorcing seniors have many concerns that are infused together including mortality and aging. Thus, they need a lawyer who is sensitive and compassionate to their plight.
How Will Senior Couples Cope: The Financial Need After A Senior Citizen Divorce
Divorcing seniors are often concerned more about financial stability than most other matters. They often think, “Will I be able to make it on my own?” Senior couples can oftentimes live comfortably when they combine their retirement incomes but divorces make it that much more difficult to survive when the loss of income is significant. After all, there is no more secondary income. The concerns they have are often worse because there is not as much time to recover from the divorce financially. Thus, it often means that both parties will need to go back to work just to make it.
When a senior couple choosing to divorce, how those assets are divided is critically important. There are several factors that must be considered when figuring out how to divide communal property including:
- How much money will it cost to maintain the home and other real properties?
- Will either spouse be eligible for a reverse mortgage?
- Will either spouse be allowed property tax exemptions?
- Will either spouse be able to get public assistance and how will the residency affect the eligibility for the benefits?
- What are the tax benefits for real property ownership?
- Are they eligible to receive Social Security benefits?
- How will retirement benefits be divided?
How Will Senior Couples Cope: The Health Needs Of The Aging Population
Austin divorcing senior couples also have legitimate concerns when it comes to health insurance and health care. How communal property is divided can also be impacted by the couple’s health. This also includes spousal support in terms of requiring one spouse to carry the other on their health insurance policy. For example: if a spouse has dementia or Alzheimer’s disease, the court may see fit to appoint an attorney ad litem to make sure that the spouse’s interests are being met and are protected.
The finest Austin family law attorneys, when it comes to divorcing couples, will include estate planning into the settlements. This is one way to protect their client’s interest. It is important that divorcing seniors look into and change various documentations including:
- Bank accounts
- Life insurance policies
- Medical directives
- Power of attorney
- Retirement accounts
A divorce settlement often includes provisions in regards to a number of estate planning issues such as:
- Setting up trusts that carry out shared financial responsibilities including financial support for adult-children and education of grandchildren
- The provision of death benefits from a life insurance policy, retirement plan, trust and wills
- Setting up a real property life estate that makes sure the other spouse is always going to have a place to live
There are numerous other issues that seniors face when they’re divorcing and the highly respected and experienced family law attorneys at the Law Office of Willie and Dasher are quite capable of helping you get through the painful divorce process.