While a couple at age 60 files the same paperwork with the court to initiate a divorce as any other couple, a late-life divorce has serious financial issues to consider, explains Nolo. Deciding who gets the house or how to split retirement benefits takes on special significance.Continue Reading
For an older individual, home ownership offers security. Once the homeowner reaches age 62, he is eligible for a reverse mortgage, providing many years of steady income for the golden years, according to Nolo. The former partner who keeps the house has equity if he later decides to downsize.
For marriages lasting more than 10 years, once an individual reaches age 62, the divorced lower-wage earner qualifies for Social Security benefits based on the former spouse's income, without reducing his benefits. If the former spouse dies, the divorced partner is entitled to 100 percent of his Social Security benefits, according to Nolo.
For couples at 60, a legal separation sometimes provides financial benefits when compared to divorce, according to Nolo. If the couple is close to the 10-year mark for Social Security, or if one of the partners would be left without insurance until reaching age 65 for Medicare, a legal separation allows them to reach the required time or keep medical coverage for the former partner. Once the couple reaches these marks, one chooses to file for divorce.Learn more about Law