Divorce can happen at any stage in life, and in recent years older couples have been divorcing with increasing frequency. A recent example is the divorce of actress Glenn Close and her husband of nine years, entrepreneur David Shaw.
Minnesota residents likely know Close, 68, from her roles in “Fatal Attraction” and numerous other films. Shaw, 64, is a successful entrepreneur. The couple had been married for nine years. The divorce proceeding was filed in Cumberland County, Maine, and became final in August.
When older couples divorce they usually don’t have to be concerned with the emotionally charged issues of child custody and visitation. But, they often face special challenges, particularly in the area of property division.
Older couples have often accumulated more wealth than younger couples, which can make property division more complex. In a high asset divorce assets must be identified, valued and classified as either marital or non-marital property. When dealing with stock portfolios, real estate and business assets, valuation can be a complicated process. In many cases experts must be retained to appraise the assets. If the couple has a prenuptial agreement, the property division process may be simplified.
For many older couples retirement plans are a one of their major assets. When retirement plans must be split in a divorce, the court has to enter a Qualified Domestic Relations Order and submit it to the plan administrator for approval. The plan administrator then opens a new account in the other spouse’s name and transfers the funds.
Source: ABC News, “Glenn Close, Husband Divorce After 9 Years of Marriage,” Sept. 24, 2015