Divorce later in life, even after a lengthy marriage, has become increasingly common in New York and across the United States. In fact, the divorce rate for Americans over 50 has more than doubled since 1993 and continues to rise. Separation is accompanied by a number of challenges for both young and old couples. However, there can be some particular financial considerations that go along with a divorce after age 50.
Many couples who make the decision to divorce later in their lives have accumulated a significant amount of marital property over the years. This could lead to a high-asset divorce that’s difficult to navigate. One of the first steps toward reaching a just settlement will be developing a comprehensive knowledge of the divorcing couple’s finances. This can start with establishing an inventory of all of the property of the couple, including both individual assets like inheritances and joint assets like real estate.
To develop a detailed understanding of the financial situation, the couple might also need to review past employment records. Prior employers may be relevant to an array of assets that can be ignored far too easily These valuable assets could include stock options, pension plans and defined benefit plans from former employers.
A family law attorney can work with a divorcing spouse to fully understand the financial situation and advocate for a fair divorce settlement. During the process, the lawyer could provide valuable counsel and vigorous representation to help achieve an outcome that respects both parties’ contribution to the marriage.