October 10, 2010
/24-7PressRelease/ -- Going through a divorce is a life-changing experience. Starting over is never easy, especially for couples who have spent decades together. However, recent trends nationwide have shown an increase in baby boomer divorce rates. The US Census Bureau reports that one-fourth of all divorces that occurred in 2008 were by parties married 20 years or longer. Why are so many boomers deciding that enough is enough?
A lot of couples simply fall out of love. People just grow apart over time, and decide that they no longer have anything in common. When children move away or go off to college, boomers find themselves looking at the opportunity for a new beginning. In the past, many couples stayed together because divorce was frowned upon in their generation, even if it meant that one spouse was unhappy. Baby boomers have no such issues with the concept of divorce, and often decide that post-retirement years should not be spent with the wrong person.
While contentious issues such as child custody and child support may not be relevant for boomers going through a divorce, unique challenges are still present. They may have built up considerable assets and debts while married. Ohio law requires property to be divided equitably between the parties, giving each party a fair share of what they accumulated during the marriage. Debts must also be divided equally, so that both parties are in position to positively emerge from the divorce.
One major aspect of a property division settlement which should merit strong consideration from both parties is finding a fair way to divide pensions or other retirement accounts. Many boomers have either retired or are close to retirement age, and will not have the opportunity to replenish their retirement accounts. If done properly, each side can emerge from the divorce able to enjoy retirement.
An unexpected divorce can create long-term financial instability for both parties. It is crucial for boomers to know exactly what assets each party owns in order to create a plan that will allow both sides to maintain a standard of living. If the couple owns a home with substantial equity or owns a business, an experienced attorney can provide careful analysis to help distribute the property equally.
Article provided by Paul R. Panico
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