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Divorce after 50 may require more guidance for property division

California couples who are considering divorce after many years of marriage may rightfully be concerned about making decisions that may be detrimental to their post-divorce financial situations. The number of divorces of those who are over 50 has doubled since 1990, making mid-life divorces more common, but still uncommon enough for many couples to remain unaware of special considerations needed for later-in-life divorces. Simply put, a divorce at that stage of life does not leave many years to rectify any financial errors made during property division negotiations.

To ensure that you are fully informed of your rights and aware of consequences you may not anticipate, the advice and guidance of experienced professionals may be invaluable. While some couples manage to reach agreements related to property division that are mutually beneficial, others may need the services of a mediator to provide objective third-party advice. In some cases, especially in high-asset divorces, the complexity may even require a judge to make the final decisions about the division of assets.

During property division, you may have to choose between keeping marital property, including the family home, or selling it and sharing the proceeds. Maintaining a home on your own when you are already at an advanced age may prove impossible, so allowing an experienced attorney to assist you with making decisions that can help ensure future financial stability may be wise. The distribution and tax implications of retirement funds will also have to be addressed, along with decisions concerning health care. 

An aspect of a later-in-life divorce that may become extremely emotional is the interests of the children and grandchildren. Trusts, inheritances and gifts will have to be addressed, while support for children that are still dependent on the parents may have to be reconsidered. Retaining the services of an experienced California divorce attorney who has the resources to assist you with financial and estate issues can help ensure that your rights are protected and that your lifestyle is preserved. Our property division website may provide more information on how we can guide you through every step of your divorce.

Source: USA Today, "Protect finances in later-in-life divorce", Anna Helhoski, Nov. 23, 2014

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Victoria S. Linder Law Office
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Phone: 916-905-4805
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