Blankenship Massey & Associates, Attorneys at Law
Call Us Today For A Free Consultation 859-905-0936
View Practice Areas

Financial problems when older people get divorced

Some Kentucky couples decide to get divorced when they are nearing their golden years. Since 1990, the rate of divorce among older adults has almost doubled. People who end their marriage when they are 50 or older may face additional financial pressures.

Women who have allowed their husbands to make the financial and investment decisions during their marriages may be unprepared when they suddenly are forced to make them on their own. When they are close to the time when they should retire, they may also have trouble saving enough to retire on time.

Some women and men learn that their spouses have racked up hidden debts, have engaged in hidden spending or have opened hidden accounts. Among divorcees and widows, 94 percent who were surveyed indicated that if they had it all to do over again, they would insist on more financial transparency. People should insist on being involved in their families' financial planning and make certain that they understand their debt pictures and their assets. By making certain that they understand their finances, they may be better equipped to handle their finances if they later get divorced.

People who are older and who have been married for years may find that there are additional complexities of divorce when they are older. Property division issues for older adults may be more difficult. There may be multiple asset classes that must be divided. People who are wanting to get divorced may want to get help from family lawyers who are experienced in handling complex property division issues. These lawyers may help to locate hidden accounts and all of the debts that the couple shares. They might also help to negotiate settlement agreements for their clients that help to minimize taxes while also protecting their other financial interests and ability to retire.

No Comments

Leave a comment
Comment Information

Learn Your Legal Options Before You Make A Decision

For a free consultation, please call 859-905-0936 or fill out the form below.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us Today

Contact Blankenship Massey & Associates

Erlanger Office Location
504 Erlanger Road
Erlanger, KY 41018

Toll Free: 800-491-9956
Phone: 859-905-0936
Fax: 859-426-9001
Erlanger Law Office Map

Dry Ridge Office Location
20 South Main
Dry Ridge, KY 41035

Toll Free: 800-491-9956
Phone: 859-905-0936
Dry Ridge Law Office Map

map
BBB Accredited business A+