As has been noted by a number of divorce commentators and media stories focused on the topic, one age-group demographic has bucked the overall trend of a declining divorce rate in recent years.
That group goes by many monikers, including 50-plusers and, most commonly, baby boomers. Persons over 50 have flatly skewed divorce statistics in recent decades by splitting up at a heady rate that greatly exceeds that of their younger married counterparts.
And, as noted in a Wall Street Journal article, a divorcing baby boomer untying the marital knot has likely done so on one or more prior occasions. In fact, notes the paper, more than half of divorcing persons over 50 have been previously divorced.
In many of those cases, and given decades during which a now-divorcing Georgia or other state resident has saved money, accumulated assets and otherwise stockpiled wealth, a dissolution is a manifestly high-asset divorce.
A commentator in a recent Huffington Post article provides a bit of advice on how to approach and prepare for a post-50 breakup in which financial considerations might reasonably dominate.
For starters, he notes in a brief bag of tips for divorcing parties, “educate yourself.” That means gaining at least a bit of rudimentary knowledge concerning basic financial subjects. Becoming conversant in topics relevant to things like income and deductions, retirement accounts and pensions, and asset identification, preservation and distribution is at minimum generally helpful. Often it is of critical importance in helping to ensure an equitable divorce outcome.
It is also important following a second or subsequent divorce to timely attend to will and beneficiary changes. Additionally, a divorced boomer will often need to make some adjustments regarding taxes.
In fact, post-50 divorce can be quite different from earlier-age divorce in a number of important ways that involve finances and family.
A proven divorce attorney with ample experience representing clients in 50-plus divorces can answer questions and help ensure that important divorce considerations are fully identified and addressed.
Source: Huffington Post, “Financial tips that ease the sting of divorce,” Julian Block, Dec. 25, 2013
