Divorce after 50

Nowadays, in our family law practice, we are seeing more couples who have reached their mid-50s or beyond and who are facing separation and divorce.  For these couples, the issue of retirement and the division of retirement benefits is crucial.  Spousal support, if awarded, can have a significant impact on the retirement plans of a spouse.  In the legal profession, and at bench bar conferences around Virginia, there are ongoing discussions about how long a payor spouse should have to work or if the payor spouse chooses to elect retirement, about what the impact should be on the spousal support award.  Some judicial case opinions have indicated that a voluntary retirement should not act to reduce support at all and income is imputed to the retiree at the amount being earned before retirement; some recent judicial case opinions also suggest that if retirement is voluntary, then other assets may be considered to satisfy the support obligation.  Financial planning is important at any stage of life, but a good supplement to your family law attorney in a divorce matter is a financial planner with experience and education in dealing with the special facts presented in such situations.

After the Divorce...

Many people involved in a divorce are focused on getting through that process, learning what the new state of their financial affairs may be, and figuring out how to live on the net income that is available.  The Final Decree of Divorce, with its gold seal, usually signifies the end of process that seems never-ending.  However, you should not stop there without a careful review of your estate plan.  Have you confirmed that beneficiaries on your accounts are as you want them to be?  Have you determined that payable on death accounts have been changed to reflect what you want?  Is your will accurate?  Some changes happen automatically upon entry of a decree of divorce, but you should use your own diligence to make sure that everything is how you want it in the event of your post-divorce death.  It’s smart planning.

Social Media

Social media is great.  Connecting to friends from work, friends from college, friends from high school can be fun.  Posting pictures from your great vacation or from your night out lets you show your friends the awesome ways you spend your free time.  But don’t forget, social media also is a way for your spouse’s attorney to find information about you if you are involved in a divorce, custody or other family law action.

Having an Advocate for You

If you have been following us for the last several blogs, you may be wondering why divorce attorneys are giving tips about lessening stress for couples and marriages.  We see folks when these stresses become too much for a marriage to handle, when planning and communication has not been done, or when goals are no longer aligned.  We know the toll that separation and divorce can take on families.  We are advocates for people who face separation and divorce, who must now face issues of custody and child support and alimony.   We also feel it is important advocate for people to make their own new year’s resolutions to help them toward their objectives for their lives, their marriages, and their families. 

Goals for the Family

Personal short term and long term goals are important to any family unit.  What does Mom want to accomplish this year and beyond?  What about Dad?  Don’t forget the kids, they have goals too – from trying a new sport, improving their skills at a prior activity, doing well in school, etc.    Employment changes, large household purchases, a special family vacation should all be considered in goals for either the coming year or future years.  Setting these goals as a family can help everyone enjoy them and minimize any stressors that may come with them.

Finances in a Marriage

Setting up a budget as we have discussed in our last two blogs can help the financial stresses that can face a marriage.   Married couples who encounter unexpected expenses without the means to pay for them can find themselves in heated arguments.  A leaky roof, a trip to the emergency room, etc. should be a time when couples come together to resolve a problem, but without proper financial planning such times can lead to unintended negative consequences.

What to Do with the Leftover?

If at the end of the last blog, you had a positive amount left from your income less your expenses, you can then decide how to use this discretionary amount.   Are there expenses you have that allow you to have things you enjoy?  Do you want to put this amount per month toward a family vacation?  Do you want to put some into college accounts for children or savings accounts for a large expense?  Are you putting any money away toward retirement and can you use some of this money for that purpose?  The goal is to have enough income to cover both your necessary expenses as well as have some for these discretionary expenses.