For every rule, it seems, there is an exception. So it is with divorce rates. For most age groups, divorce rates have dropped or flattened in recent years, with the exception of people age 50 and above.
Those in that group are twice as likely to go through a divorce as they were back in 1990, according to Ohio's National Center for Family and Marriage Research at Bowling Green State University.
Angie O'Leary is a senior vice president of wealth management at a major U.S. bank; she said that for people who are considering a divorce over 50, "very good planning" is key to protecting yourself financially.
Some of the issues most likely to cause financial disruption for those going through a divorce later in life include the following:
- The house: It is perhaps the biggest, most expensive thing you will ever own, so it is likely to be a central issue in a divorce. O'Leary said in many cases, it is emotionally difficult to let go of a home where children were raised, but that with maintenance and taxes figured in, it can be better to get cash in a divorce settlement rather than the house.
O'Leary said that in many suburbs, big houses are not appreciating as owners might hope; another factor to consider in divorce settlement.
- Retirement assets: A 401k or IRA or pension can be considered part of marital property to be distributed in divorce. If these are significant assets, consider discussing them with a financial adviser and your family law attorney.
Contact the Law Office of Kristen L. Campbell, LLC for more information.