A recently published study by the National Center for Family and Marriage Research at Bowling Green University found that divorce as we currently know it is perhaps undergoing something of a transformation.
Here, the researchers found that the divorce demographic is no longer primarily restricted to just young couples or working couples with young children, but rather has grown to include a large number of adults age 50 and over.
Specifically, it was determined that the rate of so-called “gray divorce” doubled between 1990 and 2010.
Legal experts indicate that when older couples do decide to divorce after several decades, there are a host of issues that must be carefully considered. For instance, it’s imperative that they exit the marriage with a satisfactory settlement, as there is simply that much less time to recover from any financial errors.
Experts indicate that the most important thing a person can do during negotiations in a gray divorce is remain levelheaded, resisting the urge to become overly emotional.
While this may sound easier said than done or even a bit cold, experts indicate that proceeding objectively and calmly through the divorce negotiations can help keep the process moving faster. This, in turn, can save time and money, and enable both sides to move on with their new life.
Yes, bringing in a neutral third party to help can be incredibly beneficial so far as asset valuation is concerned. According to one expert, an objective, mutually acceptable financial adviser can “provide accurate valuation and liquidity for each item.”
Once the spouses, who have likely accumulated significant assets during the course of their lengthy marriage, are in agreement on asset valuation, etc., they can authorize their divorce attorneys or the divorce mediator to move forward that much more quickly.
We will continue this discussion in our next post …
Whether you have questions about divorce-related issues like property division or would like to initiate divorce proceedings as soon as possible, consider speaking with an experienced legal professional who can explain the law and examine your unique circumstances.
Source: USA Today, “Protect finances in later-in-life divorce,” Anna Helhoski, Nov. 23, 2014
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