In a survey study produced by Dr. Susan Brown called ‘The Gray Divorce Revolution,” it was discovered that there was a significant increase in couples divorcing after the age of 50. While there is a myriad of reasons this could be happening that are specific to each marriage, the data points to one of overarching main reason. People are simply living longer lives. If you are one of the many men and women over 50 thinking of divorce, here are some things to consider before you embark on this process.
- Organize Your Debt - California operates under a community property law, which means you are responsible for half of your ex-spouse’s debt. At Chung & Ignacio, LLP, we recommend our clients gather as much documentation they can on all outstanding credit accounts as well as a full credit report.
- Be Aware of Your Healthcare Options - If you’ve been covered under your your husband or wife’s employee healthcare plan, once your divorce is finalized, you could lose that coverage. You have the option to continue your health coverage through COBRA for up to three years or if you are unemployed or meet the income threshold, you may seek coverage through Medicare or Medicaid.
- Review Your Estate Plan - Many people forget to review their estate plan during their divorce, but failing to do so could mean your estate and assets are transferred to your ex in the event you pass away before you are able to make changes to your will. We suggest reviewing these documents soon after finalizing your divorce to ensure the right family members are provided their inheritance.