We often think that once we reach a certain stage in life divorce becomes less likely. Strangely, however, this is not true. Indeed, more and more couples are beginning to divorce at a later age. While divorce is always complex, getting divorced at an older age carries a unique set of issues, particularly concerning property division and financial security. Minnesota couples considering a "gray divorce" might find the following article on divorce interesting.
While many of the legal issues for those divorcing in their 20s or 30s compared to those divorcing in their 50s or 60s may appear similar, one big difference is the effect that asset division, whether simple or complex, can have on the safety and security of the parties. In particular, unlike young couples who still have plenty of time to build wealth and settle debt, older couples are much closer to retirement.
One way to remedy this burden is to work with a divorce professional who understands how to divide complex assets -- such as business assets and retirement accounts -- in a manner that results in the least possible losses for the couple. Retiring later in life can have a serious effect on certain big-ticket financial assets, because withdrawing funds early could ultimately result in hefty tax penalties.
Dividing marital property in a divorce is complicated. Couples spend years meshing their lives together until the two are almost indistinguishable. That is why it is so important to be careful when you start to pull them apart. There is simply too much to lose by dividing marital property without careful thought.
Source: Reuters, "Double the trouble when divorced parents get old," Chris Taylor, Oct. 22, 2012
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