While divorce among most demographic groups across the country seems to have tapered off or even declined in recent years, the same cannot be said for one population, namely, persons over 50.
In fact, a study from last year indicates that about 25 percent of all divorcing couples in the country are from the baby- boomer generation.
The underlying reasons that contribute materially to that reality are many and complex and certainly worthy of consideration. In fact, we might well delve into what family law commentators are duly noting about the catalysts in boomer divorces in a future blog post for our readers in Pennsylvania and elsewhere.
Today, though, we focus on more pointed subject matter, specifically the financial considerations that centrally attend divorce for more mature couples.
For obvious reasons, finances can rank high in importance for divorcing boomers, many of whom are close to — or already in — retirement. Living independently after years — sometimes decades — of married life can present new challenges.
It’s best to be ready for them, to the fullest extent possible. Enlisting timely and proven input from an experienced divorce attorney with a demonstrated record of advocacy on behalf of older divorcing clients can help ensure that important financial considerations are identified prior to divorce and conscientiously attended to during the divorce process.
Those considerations can be many. They range from ultimate decisions regarding the family home and assets within it to the disposition of retirement accounts, pensions, stock options and other savings vehicles.
Tax implications can also surface during and after a divorce. A proven family law attorney can work with an older client to fully identify financial-related issues that need resolving in a dissolution proceeding, so that post-divorce life can be devoid of money-related concerns as much as possible.
Source: Investopedia, “Divorce over 50: Seven mistakes to avoid,” Catherine Fredman, Aug. 4, 2014