Getting divorced can be stressful for people at all stages of life. However, individuals over the age of 50 often have the most to lose in the event of a divorce, as they have had more years, or even decades, to accumulate wealth. Some tips can help individuals in California to protect themselves financially when dealing with property division and asset distribution during a marital split-up late in life.
First, it is wise to view a divorce from a business perspective rather than an emotional one. If two people can agree to divide their marital assets objectively, they can get through the divorce process more quickly. Using a financial adviser can be helpful for accurately valuing each item to be divided.
When going through a divorce, it is helpful to make sure that one’s estate attorney and accountant are also involved in the process. It’s worth noting that a couple may benefit from mediating their divorce. Mediation is a helpful path for completing a divorce for couples that prefer to avoid the potential stress of litigation.
An applied understanding of the law is particularly important when getting a divorce late in life, as the final divorce settlement can have a huge impact on one’s financial future. If a person accepts a settlement that ends up being detrimental to him or her, the individual doesn’t have many years left before retirement to recover from these mistakes. Proper legal guidance can help people to fight for their fair share of assets when addressing asset and property division issues in California.
Source: USA Today, “Protect finances in later-in-life divorce”, Anna Helhoski, Nov. 23, 2014