Recent research shows that among people over the age of 40, more and more couples are getting divorced than ever before. For couples in the 40 to 50 year old age bracket, the divorce rate has seen an incremental increase, according to the Pew Foundation. The research says that the divorce rate for people over 50 has doubled since 1990, and for those over the age of 65, the divorce rate has tripled in the same time frame. The trend for more mature divorces continues as the divorce rates for younger couples are generally dropping.
Most Minnesotans likely know that divorce is more common in second and third marriages. The Pew researchers recognize that many Baby Boomers – generally defined today as people in their early-50s through their early-70s — have been through multiple divorces. Regardless of the researchers’ analysis of potential reasons for the rising divorce rates among older Americans, it is important to note that arriving at a fair and proper divorce settlement is critical for Baby Boomers today.
Many individuals who are 50 and older have amassed greater assets than the 20-something generation. With retirement approaching, or in many cases, already here, financial security after the divorce is finalized needs to be strongly considered. Asset division can be contentious at any age. However, if you over 50 and planning to divorce, it is important to carefully consider the full implications of the assets you seek in your divorce settlement.
Will retaining the marital home essentially leave you house poor? What retirement benefits are available for equitable distribution? Even if the home has significant equity, maintenance costs, tax considerations and other financial analysis may make other marital assets more attractive for an individual’s personal goals. Speaking with a lawyer who has a strong command of high-asset property division issues can help you to protect your future.