Silver Divorces

Senior, or Silver, Divorces have become much more common in the past couple of decades.  

Divorcing later in life brings unique challenges.  Women, who frequently suffer financially after a divorce, have a much smaller chance of finding employment that will allow them to maintain their pre-divorce standard of living as they age.

Older men frequently suffer from greater social isolation following a senior divorce.  Suicide rates among older divorced men are higher.

Key issues in a senior divorce can be the division of retirement plans, real estate, spousal support, and estate planning.

I do not handle  Qualified Domestic Relations Orders, or QDROs, although some divorce practitioners do.  The division of retirement plans is complex enough that I believe it should be referred to a specialist.  I have several to refer to.

Older divorcing couples may have trouble qualifying for a new mortgage because of reduced income.  They may be able to take advantage of reverse mortgages to take advantage of the equity they have built up over the years.  Consulting with a Certified Divorce Lending Professional is advised!

While the Hawaii courts rarely grant permanent alimony, in the case of a senior divorce it may well be warranted.

Finally, thought must be given to estate plans.  What is needed in order to change the beneficiary of assets?  In some cases, revocation may be automatic.  In others, the owner is responsible for ensuring that the change has been made.

Senior divorces involve some different issues than divorces between younger adults, and require careful thought and execution.