More and more older couples are getting divorced. Recent trends show that individuals in their 50s, 60s, and even 70s are choosing to leave their marriages and pursue a happier post-divorce future. Going through a divorce after a long marriage and getting divorced at an older age both come with certain complications and obstacles. If you are over age 50 and thinking about divorce, educating yourself about your rights and responsibilities is one way to avoid costly mistakes.

Remaining Ignorant of Your Finances

Ending a marriage is as much a financial separation as it is a personal separation. Typically, the longer a couple has been married, the more assets and debt they have accumulated. You and your spouse may own complex assets, investments, and retirement accounts that will need to be properly valued during a divorce. The lines between separate property, which legally belongs to only one spouse, and marital property, which belongs to both spouses, may have been blurred considerably. One way to prepare for divorce is to start inventorying your assets. Gather copies of tax returns, bank statements, credit card information, pay stubs, loan documents, retirement account information, life insurance paperwork, and other important financial documents. When you know exactly what you and your spouse own, you are in a much better position to negotiate a fair property division settlement.