When people of any age choose to part ways and divorce in Stillwater, Minnesota there are many factors that go into moving forward. Along with getting past the emotional upheaval that comes with a divorce, there are certain issues like what happens to the children and whom is going to live where that have to be dealt with. In addition, property valuation, equal division, divorce asset split and property division all must be hashed out.
More and more people who are closing in on retirement are divorcing. Those who have been married for decades are quickly learning that their lives will be vastly different than they intended if they end their marriage. The number of people over the age of 50 who are getting divorced today is twice what it was in 1990. People are having emotional reactions to this development and it is causing financial problems they were not expecting. Since older people often have property, assets and retirement accounts, these end up having to be part of the divorce asset split as the divorce is navigated. Frequently, the settlement ends up unsatisfactory to both parties and they end up having less to spend in their retirement years than they had initially planned.
During a divorce, it's imperative to know the laws that are applicable in the individual states. In many situations when a property valuation takes place, every asset that is part of the marriage will have to be analyzed. However, certain parts of the marriage -- such as items that were inherited -- might not be part of the marital estate. Knowing the values can be a key to a satisfying result. Everything from market value to which spouse's name is on the ownership papers could come into play.
In some instances, the couple is able to agree on everything and split amicably. In others, they fight over every last penny. It's imperative to have the answers to questions regarding equal division and other divorce issues answered fully.
With people who are advancing rapidly towards retirement, they might never have considered the possibility of getting a divorce. Whether it's a long or short marriage, the property valuation will inevitably end up being discussed and probably disagreed upon.
Source: New York Times, "Retirement Plans Thrown Into Disarray by a Divorce," Constance Gustke, June 27, 2014
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