The boomer generation is still creating new trends. Its members are divorcing in record numbers, and there is even a term for their increased splitting up: “gray divorce.”
One quarter of divorces now involve people over the age of 50. While the boomer generation may be more willing than previous generations to jump into divorce, a late-in-life divorce can be extremely burdensome financially. Yes, the kids may have left the nest and are on their own and not an issue, but a host of financial problems can accompany a long-term marriage. It’s never easy to break up a household, and as parties age, they can find that divorce is too high an economic burden to endure. Properties and businesses may increase in value and net worth may grow over time.
Issues that a couple divorcing late in life could face include the following:
- Emotional ties to a home or vacation property
- Large mortgages
- Large amounts of debt
- Health insurance until Medicare kicks in
- Taxes
Other typical items that may need to be addressed by an attorney skilled in the issues of later-in- life divorce include:
- Sale of the marital home
- Division of real property, including vacation homes and boats or other vehicles
- Trust accounts
- Retirement accounts, 401(k), Keogh and other pensions
- Businesses
- Bank, mutual fund and stock accounts
- Profit-sharing agreements
- Investments
- Offshore or foreign bank accounts
- Significant collections, such as art or other personal property
- Alimony
An experienced Towson MD divorce lawyer can examine the facts of your case and guide you through your divorce. Call Huesman, Jones & Miles, LLC today at (443) 589-0150 or contact us online.
