Divorce after the age of 50 is much more common today than it was even a decade ago.
It also comes with unique challenges, especially for women concerned about their financial future. This is where spousal support or alimony comes in.
Your financial picture
Perhaps your spouse took care of the finances throughout your marriage. However, before you agree to a divorce settlement, learn about your current financial picture and determine what you will need to live on once the divorce is final. Spousal support will be important. As an older person, you no longer have decades in which to put a financial plan in motion for your retirement.
The view of the court
In the state of Massachusetts, spousal support focuses on need to receive and ability to pay. The court will look at a number of issues, including:
– the length of your marriage
– age and state of health of both parties
– conduct of both parties during the marriage
– any special needs
– occupation and job skills of both parties
– your prospects for becoming self-sufficient
Post-divorce income
As a woman over the age of 50, you may have been out of the workforce for some time. You may or may not have the ability to work again, although you may wish to. Even a part-time job would provide a second income stream in case that all-important alimony should cease. Since women live longer than men, as a rule, you want to ensure that you have enough money to support yourself in your later years.