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Divorce for older couples: safeguarding your fair share of assets

| Sep 6, 2019 | Divorce |

We noted in a recent Berdon Young & Margolis blog post a core point concerning legions of Americans dealing with marital discontent. We cited in our September 4 entry “a progressive uptick in divorces for baby boomer-aged individuals in recent years.”

That is no longer a singular happening. Rather, it is a commonplace, grounded in a number of factors that we referenced in the above blog post.

There are of course many similarities and common concerns in legions of decouplngs, regardless of participants’ ages or the length of their marriages. Still, boomers’ dissolutions (sometimes termed gray divorces) can often be differentiated on several fronts, as noted by one financial expert in a recent Kiplinger article.

Alimony can loom especially large, for example. Many spouses who have sacrificed careers in lieu of home management and child rearing can find themselves materially disadvantaged in a divorce.

Another issue relates to marital wealth. Couples in marriages that lasted for decades often have diverse and dispersed assets. Those must be identified and properly valued to ensure an equitable property distribution.

Kiplinger writer Neale Godfrey also underscores the heightened relevance of assets like retirement plans, pensions, stock options and accumulated company perks. Those are also typically part of what Godfrey terms “the marital asset calculation.” The potential for one divorcing spouse to make a claim on the other spouse’s Social Security benefit is often also a relevant concern.

In sum, it merits noting that gray divorces do often indeed entail singular concerns, with it being especially important for one spouse to make best efforts in securing a fair and optimal outcome.

A family law legal team comprising experienced divorce attorneys well grounded in property division matters can fundamentally promote that goal.