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Property division, assets re divorce after age 50

| Feb 24, 2016 | Divorce |

There seems to be an increase in the number of people who file for divorce after age 50 in Oregon and elsewhere. Those in such circumstances often face legal challenges regarding property division, asset protection or other settlement issues. Because the process of negotiation can be complicated and evoke strong emotions, it is typically beneficial to act alongside the guidance of an experienced family law attorney before proceeding to court.

Some say divorcing at a later age often presents unique economic challenges. Because one might be closer to retirement age when ending a marriage during one’s senior years, there may be less potential years of employment left to recover financially after a divorce is finalized. It is no secret that single life can be expensive. Anyone considering divorce at an older age will want to determine how best to proceed to protect one’s financial interests and achieve an agreeable settlement.

It is not uncommon for older parents to be financially supportive of an adult son or daughter. Many spouses also put a lot of time, effort and money into caring for elderly parents. These issues may be of concern when considering one’s financial future after divorce. Some may find a need to restructure their current plan in order to ensure that there will be enough funds to make ends meet moving forward in a new lifestyle.

Whether a primary residence will be sold, how to avoid heavy tax burdens and a wide variety of other important issues are topics one might want to address when meeting with an attorney. Though Oregon and every state has its own property division laws and other guidelines that govern matters of divorce, an experienced lawyer understands that each person’s situation is unique. By offering sound counsel, an  attorney can help accomplish a client’s legal goals and obtain an amicable settlement.

Source: chron.com, “Consider 5 things if divorcing in senior years”, Feb. 17, 2016

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