Divorce is not an easy life event to navigate, but it may be even more challenging for those over the age of 50. Statistics show that the divorce rates for couples over 50 have almost doubled from 1990 through 2013. For this age demographic, it is very important to pay close attention to retirement savings accounts more than perhaps the marital home, jewelry or liquid assets such as cash.
According to a recent study done at Bowling Green State University, 30% of women who took part in a “gray divorce” and were still single at age 62, lived at or below the federal poverty line, while only 14%of men who divorced at age 62 or later were also at the poverty level. This compares to just four percent of married couples who are at or below the poverty line.
There are typically no child support or child custody issues when divorcing at age 50 or older. Property division becomes the main focus for older couples facing divorce. While the division of the family home, monetary assets and material possessions are important considerations, an experienced divorce lawyer will ensure all assets, including retirement accounts, are reviewed and fairly distributed.
It can be a critical mistake for divorcing couples if they fail to consider or negotiate the division of retirement assets such as pensions or social security benefits. Careful examination of the projected worth of these assets helps both parties have a thorough knowledge of where they need their individual financial status to be going forward.
Dividing assets cleanly is ideal but it is not always possible since many family court orders state that retirement accounts be split 50/50 between the couple. Collaborative divorces avoid the uncertainty of what the courts may order in the division of assets and especially retirement funds. Because it is an unsettling time and parties do not know if in the future they will be able to supplement their incomes, collaborative divorcing can offer more control over retirement savings and peace of mind.
Baltimore divorce lawyers at Huesman, Jones, & Miles, LLC have years of experience helping clients obtain the most advantageous financial position for their post-divorce years. In addition, a more amicable, collaborative approach may be best for everyone involved. This allows both parties to act in a mature fashion while keeping the peace when negotiating the long term financial outcome.
Baltimore Divorce Lawyers at Huesman, Jones & Miles have Experience with the Financial Issues that Accompany over 50 Divorce
Considering divorce after age 50 can be just as difficult and emotionally draining as divorcing at any age. Our Baltimore divorce Lawyers have the skill and experience to protect your interests and your retirement future. Our Maryland family lawyers understand how distressing a time it is when faced with divorce later in life and we work to achieve the best possible outcomes for our clients. Call us at 443.589.0150 for a free case review or use our online contact form.
The Law Offices of Huesman, Jones & Miles LLC are located in Hunt Valley, Maryland serving clients in Baltimore County, Carroll County, Harford County, Howard County, Towson, Bel Air, Columbia, Westminster, and Essex.