There are many reasons to divorce your spouse, and in some cases, you are past retirement age when you make this choice for yourself. If you are divorcing later in life, the basic divorce process might be the same, but there are other things to consider. The following information can provide you insight into special circumstances regarding a late-in-life divorce:

Dividing Your Assets

One of the differences between a divorce at a younger age and what past retirement age is that dividing your assets is slightly different. Typically, you would rely on the current market value of your assets. However, in the case of a late-in-life divorce, you are also basing the assets value on how valuable they are at your current age. For example, if you own a home together and are past a certain age, you may now be eligible for a reverse mortgage. This an affect the overall value of that property. Age also triggers a variety of tax exemptions and waivers for property and other assets.

Retirement Plans

Divorcing as an older adult requires a good divorce attorney due to how complicated it can get. One big reason is when you are trying to divide up your retirement plans. Most retirement plans are meant for both spouses after retirement age, and you may need to file special paperwork to accomplish this. It can get even trickier if the retirement fund is mainly in your spouse's name, since they were the one working. Ask your lawyer about filing a Qualified Domestic Relations Order (QDRO) if you have a retirement plan you need to divide between you and your spouse.

Social Security Benefits

While you can't divide social security benefits, since they are based on an individual and not a couple, they do have a place in a late-life divorce. The benefits are related to the income you have after your divorce, which can affect whether or not you receive alimony or other financial security from your spouse. Typically, the rules depend on how old you are and how long you have been married prior to the divorce. You may be able to get benefits on your spouse's record if you are past a certain age and have been married an extended period of time.

If you get divorced, and your ex-spouse later dies, you may be eligible to receive their remaining social security benefits. Ask an attorney if this event occurs. To learn more, contact a professional like Kenneth J. Molnar Attorney.