Divorce After 60: What You Need to Know
Divorce later in life can raise concerns that younger couples may not face. If you are divorcing after 60, you may be retired or nearing retirement. You may also have decades of shared property, retirement savings, and other assets to address.
In South Carolina, these issues can affect how you plan for life after divorce. Understanding your finances and legal options can help you make informed decisions about your future.
Why Can Divorce After 60 Be Different?
A divorce after 60 is sometimes called a “gray divorce.” Couples ending a long marriage may have built a large financial life together.
Instead of focusing on issues involving young children, an older couple may need to address retirement accounts, pensions, investments, real estate, and long-term financial needs. Health concerns can also become more important.
The length of the marriage and the ages and health of each spouse are among the factors South Carolina courts consider when dividing marital property. These factors can also be relevant when a court considers alimony.
How Is Property Divided in a South Carolina Divorce?
South Carolina uses equitable distribution when dividing marital property. This means a court divides marital property based on several factors rather than automatically dividing everything equally.
Property that may need to be addressed can include:
- The marital home
- Bank and investment accounts
- Vehicles
- Retirement benefits
- Business interests
- Other marital property and debts
South Carolina courts consider factors such as the length of the marriage, each spouse’s income and earning potential, their health, nonmarital property, and vested retirement benefits.
Knowing what you own and what you owe can be an important first step when preparing for divorce.
What Happens to Retirement Accounts?
Retirement savings may be especially important if you divorce after 60, as you may have less time to rebuild those funds. Some retirement benefits may be marital property subject to division.
How an account is handled can depend on when contributions were made, the type of account, and other circumstances. Dividing certain retirement plans may also require additional legal documents or procedures.
Before agreeing to a property settlement, consider how the division could affect your retirement income. Looking only at the current dollar value of an account may not give you a complete picture of its long-term financial importance.
Could Alimony Be an Issue After a Long Marriage?
Alimony can be an important issue in a later-life divorce, especially when one spouse has relied on the other’s income for many years.
South Carolina courts consider several factors when deciding whether to award alimony and determining its amount and duration. These include the length of the marriage, the spouses’ ages, their physical and emotional health, income, earning potential, and other financial circumstances.
Retirement can also affect an existing alimony obligation. Under South Carolina law, a supporting spouse’s retirement can provide grounds for a hearing to determine whether circumstances have changed enough to modify alimony.
What Financial Issues Should You Consider Before Divorcing After 60?
A divorce can change the amount of money you have available for retirement and everyday expenses. Before making major decisions, take time to understand your complete financial situation.
Consider gathering records for your retirement accounts, investments, debts, insurance policies, tax returns, and real estate. You may also want to think about future housing costs and health care expenses.
Divorce can also affect estate planning. South Carolina law may revoke certain provisions or beneficiary designations involving a former spouse after divorce, although exceptions apply. Reviewing your wills, trusts, powers of attorney, insurance policies, retirement accounts, and other estate-planning documents can help you determine whether any updates are needed.
Contact the Rock Hill Divorce Attorney at Minor Law Divorce Lawyers for Help Today
Divorce after 60 can affect your retirement, property, finances, and future plans. Understanding these issues before making major decisions can help you prepare for the next stage of your life.
If you are considering a divorce in Rock Hill, South Carolina, Minor Law Divorce Lawyers can help you understand the legal issues involved in ending your marriage. Contact our Rock Hill divorce lawyer today to discuss your circumstances and learn about your options.
To learn more and get the help you deserve, please contact a family law lawyer at Minor Law Divorce Lawyers in Rock Hill, SC or contact us online today.
We proudly serve throughout York County.
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1273 Ebenezer Rd, Suite B,
Rock Hill, SC 29732
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