Many people in Boulder County have probably heard that the divorce rate has gone up lately among people aged 50 and older. This means that many people who thought that they were well on their way to “happily ever after” either find themselves considering divorce or find themselves served with divorce papers. How did this happen and what does it mean for each person’s property interests?
A few reasons have been given for the increase in divorce among older couples. First, many people are choosing to have fewer children, meaning that empty nesters may be facing the prospect of decades alone with their spouse. Also, because many women have their own careers these days, fewer women feel that they are trapped in an unhappy marriage due to their financial dependence on their spouse.
A recent survey indicates that the three most fought-over items among older divorcing couples are alimony, business interests and retirement accounts such as 401(k) accounts and pensions. Accordingly, many people find that their retirement plans have been thrown for a loop after such an asset division. This is why it is essential to ensure that the property division aspect of the divorce is as fair as possible.
Regardless of what stage you may be at in life, if you are either considering divorce or receiving divorce papers, you no doubt have questions about what this means for your financial situation. Here is where a divorce attorney may be able to help. Experienced divorce attorneys can both inform clients of the full range of available options, and draw upon their professional knowledge and experience to provide any necessary guidance.
Source: Fox Business, “Can You Lose Your 401k in a Divorce?,” Casey Dowd, Aug. 11, 2016