Ending a marriage at any age has its difficulties. However, individuals who divorce in their younger years may have a better chance of handling the financial repercussions that can come along with making such a major life change. If older individuals choose to dissolve their marriage, paying attention to those financial repercussions is important.
One aspect that older individuals may need to think about more than younger people involves Social Security benefits. Numerous Utah residents rely on these benefits for income during their retirement years, and divorce can certainly play a role in whether a person could benefit from an ex’s work history. If the couple was married for at least 10 years, are not currently married, and the ex-spouse is older than 62 and is also eligible for benefits, the other person could claim benefits based upon his or her ex’s work history.
Retirement accounts are also an important factor to consider when divorcing at an older age. Retirement accounts could be split during property division proceedings, but a qualified domestic relations order is typically needed. However, the type of retirement account being divided could play a role in the difficulty of the division. Of course, parties may also be able to negotiate during their proceedings in efforts to keep their accounts in exchange for other property.
Property division and handling the financial repercussions of divorce can be difficult under any number of circumstances. Older Utah residents who are going through the process will certainly want to understand how they could lessen the negative financial effects of their cases. Working with their legal counsel could prove useful in this endeavor.