Issues Older Couples Are Likely to Face During Divorce
The divorce rate for people who are older than 50 doubled between the years 1990 and 2010, as Baby Boomers continue to get divorced at a record pace. Many of the issues you may encounter during a divorce are the same at any age, but there are some that are much more likely to affect people of older ages.
The following are just a few examples:
- Issues with dividing retirement accounts: One issue likely to be a bigger deal for older couples than younger ones is the division of retirement accounts. After these accounts are divided, there is much less time for either party to recuperate the funds lost. With the value that has likely to have accumulated in those accounts over the years of the marriage, it makes sense that this would be one of the issues most likely to cause contention in divorces of older couples.
- Issues with the marital home: Older couples are much more likely to have a significant amount of equity built up in their marital home, or to own it entirely. It is also likely the most valuable asset the two own. Therefore, it is naturally more likely to be a sticking point in divorce negotiations.
- Issues with spousal support: Spousal support (also known as maintenance) is computed based upon a specific formula. The duration of the marriage determines the range of maintenance. There are multiple factors that are used to determine maintenance.
For the guidance and advice you need when going through a divorce, work with a knowledgeable family law attorney at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia LLP.