Divorce Concerns Evolve As We Age

April 24, 2011 (Press-News.org) Divorce Concerns Evolve As We Age

Divorce in each stage of life presents its own unique challenges. For instance, divorce in your mid-twenties is very different from divorce as you near or are in retirement.

Life circumstances make the issues and concerns of divorce as an older adult different from divorce as a younger adult. As a younger adult we most likely have fewer assets and small children, making child custody and support key issues. Whereas, those of retirement age presumably have many more assets and grown children, making the division of assets more of a focus.

Recently, a Wall Street Journal piece highlighted areas where older adults (those over 50 years old) make mistakes during divorce, including:

1. Taxes -- most retirement accounts that are funded pre-tax are taxed upon withdrawal. For adults who have worked for many years, these accounts can be substantial, and significantly impact the division of assets. However, it must be remembered that the amount of the account will be lessened after taxes; this should be accounted for when dividing assets.

2. Social Security -- after 10 years of marriage, a spouse (usually the lower earning spouse) is entitled to a claim on the other spouse's benefits once the age of 62 is attained, as long as the spouse with the claim remains unmarried. It is important to factor the amount of the claim into the division of assets if you are the higher-earning spouse.

3. The Kids -- at an older age, your kids are most likely grown, so custody is usually not an issue to be debated. However, if you would like to pass assets to your children, looking into appropriate estate planning techniques is a must, especially if you plan on remarrying.

As the Wall Street Journal piece points out, there are different concerns for those over the age of 50. So, understanding what issues are specific to your situation is key to protecting yourself during divorce.

If you are involved in a divorce, it is important to be aware of concerns that impact someone in your stage of life so you can properly plan and negotiate your divorce. An experienced divorce attorney can help you understand the unique circumstances that older individuals confront during the divorce process and help you plan for your specific needs.

Article provided by Anthony C Starks Law Office
Visit us at www.anthonystarkslaw.com