Many divorces that happen today involve spouses who are in their 50s, 60s or even older. These divorces may happen in remarriages or in first marriages. Regardless of how many times a person has been married, their divorce may send shockwaves through the extended family unit on both sides of the marriage. This, in turn, may open the door for more conflict between siblings, stepsiblings and other family members.
As explained by ThinkAdvisor, these gray divorces may well be just one more of the latest factors to complicate estate planning for people over 50. It is well documented that disputes among heirs can add undesired and unforeseen wrinkles into any estate plan so it only stands to reason that the upset caused by a divorce may exacerbate this as well.
When getting divorced at a later stage in life, people should make a thorough review of their estate plan a priority. This review should include not only the identification of where assets will flow upon death, but also the establishment of who will make important medical or financial decisions on the part of a person should they be unable to do so. Families could also use this time to discuss long-term care plans and how to ensure a parent can properly provide for themselves during retirement.
If you would like to learn more about the factors that may complicate your estate plan and how you can effectively protect your assets and your beneficiaries despite potentially changing personal relationships, please feel free to visit the gray divorce and long-term planning page of our Delaware estate planning website.