Tom, I would set up an appointment with an Elder Law Attorney to see what he/she says regarding this subject.
My main concern would be if either of you need Medicaid [which is different from Medicare] within the next 5 years for nursing home care, on how Medicaid would view this.
Especially if you don't retitle assets after the divorce. Assets that are protected during marriage are not protected as joint tenancy or tenants in common with rights of survivorship. You don't get the same asset limits if someone goes into the nursing home. Asset transfers after divorce is finalized are considered gifting under Medicaid rules - so you have to make all moves of assets etc. with the Medicaid guidelines. And if the person has dementia, you may not get a clean division of divorce and full asset transfer if you impoverish a spouse with divorce and expect the state to cover costs within 5 years. Elder care attorney working with divorce attorney and Medicaid.
My main concern would be if either of you need Medicaid [which is different from Medicare] within the next 5 years for nursing home care, on how Medicaid would view this.