In Louisiana and elsewhere, gray divorce is on the rise and has been since the 1990s. In fact, 25 percent of all divorces involve spouses who are 50 or older. While it does not matter at what stage in life a couple decides to end their marriage, getting divorced at a later stage can have a massive impact on one’s retirement years. Property distribution in a gray divorce can be complicated, but it is worth taking the time to get it right so that retiring comfortably is still possible.
Couples who go through late in life divorces are often fairly well-off and have some substantial assets to split. The biggest asset most share is the marital home. In some cases, one party may wish to keep the home and give up monetary assets in order to do so. While keeping the home may feel like a good idea, sometimes it is just not worth it for financial reasons. Before making such a decision, it is wise to look at how keeping the house will affect one’s economic situation in the long run.
Deciding how to split monetary assets is also something that takes quite a bit of consideration. Taxes and penalties must be taken into account. What may sound good initially could end up being a financial burden.
Real estate, money and other concerns that are specific to gray divorces can be discussed in detail and negotiated into a final property distribution settlement. A Louisiana family law attorney can assist in achieving a settlement that benefits everyone involved. This is not something that will be figured out overnight, but in time a fair and balanced agreement can be reached either through negotiation or litigation, allowing both parties to move forward ready to take on retirement.
Source: wtop.com, “Over 65? How to know if you can afford a ‘gray divorce’“, Dawn Doebler, Feb. 21, 2017