Protecting Assets During Divorce: A Guide for Baby Boomers
Divorce for older couples comes with a different set of challenges than would have been encountered if the divorce had occurred earlier in their marriage.
January 23, 2014 /24-7PressRelease/ -- Protecting Assets During Divorce: A Guide for Baby Boomers
Article provided by Law Office of Benjamin T. Hodas, LLC
Visit us at http://www.hodaslaw.com
The divorce rate among couples over the age of 50 (termed a "gray divorce") has nearly doubled in recent years, even though the divorce rate in the country has declined overall.
A different set of financial challenges
The "gray divorce" trend has been said to emanate from:
-The rise in life expectancy.
-The increasing financial independence of women.
-Changing cultural values which have made getting divorced more socially acceptable than in the past.
Divorce for older couples comes with a different set of challenges than would have been encountered if the divorce had occurred earlier in their marriage. For example, since it costs more to maintain a certain level of post-divorce lifestyle as a single person, this economic reality is even more difficult as the parties approach retirement age and thus potentially are subject to a fixed or maximized source of income. The inevitable result is that many older divorcees find they have to delay retirement for a few more years than they would have otherwise intended.
How to protect your financial well-being
In addition to their role in planning for retirement, Social Security benefits and pension plans should be considered when an older couple is seeking divorce. Accordingly, it is essential that baby boomers are diligent about protecting their assets and financial well-being during a divorce.
The amount of alimony, or spousal support, paid to an ex-spouse is determined by numerous factors, including not only the earning potential of the intended recipient and the parties' lifestyle during the marriage, but also the needs of the parties going forward and their ability to pay heading into retirement. If you are on the receiving end of the support, it is essential to build a case which ensures payments made to you will protect the lifestyle and standard of living which you have enjoyed and been accustomed to during the intact marriage and to the extent possible within the financial realities of your case.
If you were not the breadwinner or majority income earner in your household during the marriage, it is important that you are able to establish credit post-divorce. When you are in the process of divorce but still married, it may be in your best interests to obtain a credit card in your name and pay bills using this account. This is especially important if you and your spouse have a joint account and your spouse is not maintaining the financial status quo or otherwise being fiscally responsible.
Working with an experienced, knowledgeable and qualified attorney throughout your divorce will protect your financial well-being and ensure stability in the future. If you are considering divorce, contact an attorney in your area to protect your rights.
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