Financial problems when older people get divorced

On Behalf of | Apr 20, 2018 | Divorce, Firm News |

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.