The Pew Research Center reports that the divorce rate among older Americans has doubled and even tripled for some age groups over the last 30 years. When it comes to divorce, it can be a lengthier process for seniors because they typically have more complex assets to divide. However, older couples may try to part ways on friendly terms. By following a few tips regarding financial decisions, couples could make the situation end on a more positive note.
A collaborative divorce is an option intended to help couples through the divorce process amicably. As the term implies, cooperation is key to a collaborative divorce, and each person is represented by their own attorney. When it comes to dividing marital property, a collaborative agreement may make the process easier. However, the drawback comes if the divorcing couple cannot reach an agreement. In cases such as this, they must start over with new attorneys.
When a divorcing couple owns a home together, deciding what to do with it may take some prudent thought. The strength of the housing market and whether the home value has been appreciated are just two things to consider. If one person wants to keep the house, it’s important to make sure it’s affordable in the long run. A couple may find that selling the marital home is a better choice for everyone concerned.
In addition to discussing the tangible property, divorcing couples will have to consider health care insurance, long-term care insurance, retirement plans, IRAs. It may be wise for those involved in a high-asset divorce to each employ their own lawyer at the start of the process. An attorney who is aware of all the ins and outs of family law might help create a plan to reach an amicable divorce.