Baby boomers’ divorces are at the highest rate ever recorded in U.S. history. If you are separating from your spouse in Delaware, you will experience greater complexities than younger people’s divorces. Here’s why.
Identifying pre-marital assets is not as easy
During a divorce, the first thing that you will need to do is determine which of your assets are marital and separate. This is often a challenge for people married for a long time because most of your assets are comingled. Doing something like using your money to repair something in the home your spouse bought before marriage is enough to make it marital property. Also, using your wages from your separate business to expand it can make it marital because that’s family money. Remember, everything you earn while married is marital property.
Dividing retirement savings can be tricky
One of the most valuable assets baby boomers have is their retirement savings. You need it now more than anything because you are headed towards retirement. If your partner was the breadwinner, the court would not necessarily give you half, but something close to it because Delaware is not a community divorce state. Additionally, you may require extra paperwork like Qualified Domestic Relations Order (QDRO) if you or your spouse worked for a private company.
You can lose health insurance
If you have been married for a long time, odds are, you are on the same health insurance plan. If you divorce, this can be a big problem, as you will no longer be eligible for coverage under your spouse’s plan. It’s important to figure out your options for health insurance before your divorce or create one immediately after to avoid this financial risk.
You might need to change your estate plan
You’ve probably made provisions for your spouse in your will or estate plan. However, you may need to change your estate plan to remove them as a beneficiary if divorcing. And, if you made gifts to your spouse from your inheritance, you may need to cancel them if you still can.
If you are not happy with your spouse in old age, it’s not a must that you stay with them because your divorce will be complex. You can still have a successful divorce if you take your time with it and approach it rightly. What’s important is getting what you rightly deserve.