On average, the divorce rate in the United States is lowering. With that said, many older adults throughout Washington and the rest of the nation are divorcing at a higher rate. If you’re over 50 and divorce is on the horizon, it’s easy to make a few missteps. Considering that, here are several important mistakes to avoid when divorcing over 50.
Fighting too hard for the marital home
In many divorces, there are usually a few items that ex-couples fight over, one of which is the marital home. With that said, holding onto this property might not be such a wise choice. It’s important to think about if you can pay for this house on a single income. Besides your mortgage, you’ll also need to pay annual taxes and additional house-related expenses.
Trying to hide assets
It’s not uncommon for emotions to run high during the divorce process. However, don’t let emotions tempt you into hiding assets from your former spouse. If your former spouse or their legal team can prove you’re hiding money, you could wind up in major trouble. Making these kinds of financial mistakes can also hurt your case in the eyes of the court.
Not knowing your future expenses
Life after a divorce can involve a lot of changes. Considering that, you might not have a clear picture of your financial situation post-divorce. To solve this problem, make a detailed list of your expenses. This way, you don’t have to deal with any surprise bills or other fees taking you by surprise.
To summarize, people can make mistakes while divorcing over the age of 50. Fortunately, you can prevent many of these problems by not rushing the divorce process and being as thorough as possible.