It is becoming increasingly common for spouses over the age of 60 to decide to file for divorce. There are many reasons for this, but a big factor is the way in which a person’s lifestyle changes after retirement. Retirement can vastly alter the dynamic of a marriage, and, as a result, a couple may come to the conclusion that they are no longer compatible.
If you are considering filing for a divorce as a person over 60 in the state of Minnesota, it is important to note that divorce over 60 can potentially bring complications. By taking the time to understand the reasons for these complications now, you will be able to manage your expectations of the divorce and plan for any potential hurdles. The following are some of the most common reasons why a divorce over 60 can become more complex than a typical divorce.
A divorce will alter an estate plan significantly
It is likely that you have planned your estate around your marriage, and you have probably factored in the tax benefits that your estate will be set to receive through spousal inheritance. After a divorce, all of this will change, and you will need to re-think the way that your estate plan is set up. You will also want to make modifications so that your wishes are truly reflected.
High asset division can be challenging
A couple over the age of 60 will probably have acquired a much higher amount of marital assets than a couple in their 30s, for example. This is why asset division over 60 can be more complex. There are more assets to divide, and it may be difficult to easily categorize assets as marital or non-marital.
Health insurance agreements are more vital
If one spouse is covering the other spouse’s health insurance plan, you will need to either replace your coverage or find a way to address the issue, which can be challenging.
If you are considering going through a divorce in Minnesota, it is important that you conduct thorough research so that you have a comprehensive understanding of how the law will apply to you.