Divorce is usually difficult for everyone involved, including the children of divorce. However, going through a divorce during or after retirement may be especially difficult for senior citizens.
Many people get married later in life. But, retiree divorces come with the additional emotional and financial turmoil related to ex-spouses and children from previous marriages. Although divorces may take their toll on minor children, retired people going through a divorce may have to deal with the unique problem of having adult children from their previous relationships.
A recent report estimated that the rate of divorce in cases of second and subsequent marriages is nearly 60 percent. The Center for Family and Marriage Research also claims that the rate of divorce doubled between 1990 and 2010. Adults who are planning to get married should be completely honest when it comes to their financial matters. Since it can be reasonably assumed that both spouses have substantial loans and mortgages by the age of retirement, assessing each other's financial situation is imperative. Retired parents might also want to leave money to their children in a will. All of this needs to be assessed.
Many people might want to keep their finances separate. In such cases, evaluating a spouse's credit score may be equally important. A prenuptial agreement has also become a popular option among retired people for the same reason. Although it is great when older people want to get married later in life, there are obviously a number of concerns for them to think about that might not be there for younger couples.
Source: USA Today, "Remarrying in retirement? Look before you leap", Rodney Brooks, May 20, 2014