Experts say that the Baby Boomers divorce rate is doubling. As this generation is crossing over into retirement many are discovering that they have 25-30 years left with their spouse. And maybe this isn’t the person they want to spend their final years with, and the fact that they are no longer working may also cause couples to realize they are going to be spending a lot more time together. Kids, work and the hectic life they previously had may have been the distractions that kept the marriage together.
There are many unique considerations at this life stage that need to be reviewed:
1. The nest egg that the family saved for retirement is now responsible for supporting two households through retirement.
2. After decades of marriage the couple may have roles in the household that the other now must learn. For example: handling the finances, the garden/yard, fixing things around the home, cooking. All of this may be new experiences that require training or finding someone to take these tasks on instead of the other spouse. These expenses need to be factored into the post divorce planning.
3. Pensions and other retirement accounts, how to best split the assets and a spend them in retirement.
4. The marital home is always a consideration but there are unique implications when neither party is earning new income.
5. Long-term care policies, can be a shared policy. Has this been taken into account? Is it considered an asset?
There are always a multitude of questions in each divorce, however, baby boomers have unique questions that need to be answered.