For over 25 years, divorce has become increasingly common for people over the age of 50 in Kentucky and across the United States; since 1993, the rate of divorce among this age group has more than doubled, and the numbers continue to indicate an upward trend. The end of a marriage can be especially complicated for long-term couples choosing to divorce after a lengthy partnership, as the couple is likely to have a deeply entangled financial life and extensive assets.
Many couples who divorce later in life after accumulating significant assets and various types of property, including investments, retirement accounts, real estate, insurance and more, may be in the situation of going through a high asset divorce requiring a high level of detailed attention to property division. In preparing for a divorce, a spouse should review all of the assets of the couple and create a comprehensive inventory. This should include both joint assets and individual property like inheritances. Past employment records can also be highly relevant, highlighting pension plans, stock options and other benefits and investments.
Spousal support can carry its own concerns during a later-in-life divorce; there may be a concern about how to manage the payments in case of job loss, disability or death. In some cases, a life insurance policy for this purpose may be advisable, while in other cases, it may be better to arrange a lump-sum payment rather than traditional installments. Social Security is another factor to keep in mind; an ex-spouse who was married to their former partner for 10 years or more can receive benefits from their account.
Divorce carries emotional and financial challenges during all stages of life; for divorcing spouses dealing with concerns about asset division, a family law attorney can be an essential counsel. A lawyer can provide representation throughout the divorce process to work to secure a just settlement.