The Financial Complexities Of Divorcing Later In Life
When some people think of divorce, they imagine young couples choosing to split. However, the real face of divorce is increasingly different throughout North Carolina and the rest of America. Statistics show that a growing number of separations happen to couples over the age of 50. In the last 25 years, the divorce rate for Americans older than 50 has more than doubled, and the upward trend is continuing. Divorce at any age or stage of life comes with complex issues, but the challenges can be exacerbated when the spouses have had a long marriage stretching over the years.
People who choose to divorce have often accumulated a wide variety of significant assets, from real estate to retirement funds to investments. This can lead to complex financial issues during the property division process. To make everything run smoother, a spouse can bring their family law attorney an inventory of all of the marital property.
Records of past employment can also be very useful during a divorce. When reviewing past employment, it’s possible to uncover a number of assets, including pension plans, defined benefit plans and stock options earned on the job. Spousal support in later-in-life divorces also requires extra concern. A life insurance policy for the paying spouse can help to protect the recipient spouse in case of unexpected developments.
No matter how old a divorcing couple may be, a family law attorney can provide important representation and counsel. A lawyer could protect the interests of a client and work to achieve a fair settlement.