Going through a divorce can be one of the most challenging phases in anyone's life,…
The rate of divorce has escalated for spouses over the age of 50 in Kansas and across the United States. While the overall rate of divorce for Americans has declined since 1987, it has actually increased for those over 50 years old. In fact, one out of every four couples decides to divorce after the age of 50. Divorce can become more likely following major life changes such as retirement or the departure of adult children from the home.
There can be some unique concerns about divorce for people who have already reached retirement age. In the case of asset division and the assignment of properties and debts, this can be especially true. Couples who have spent many years together often have deeply intertwined financial lives that can span a range of assets. These may include pensions, real estate and investments, stocks and mutual funds, 401(k) plans and other retirement savings instruments. Other types of financial assets such as life insurance, long-term care insurance and Social Security can be involved in a divorce as well.
Divorce can carry a range of financial and emotional difficulties, which can be enhanced for people who end their nuptials near the age of retirement. For many older couples, it can be shocking to family and friends that they have decided to divorce, and dealing with this issue can add additional stress to the separation.
A family law attorney could assist spouses of any age who have decided to separate. The lawyer can help couples seeking divorce with complicated questions of financial planning and asset management.