The divorce rate among older Americans is higher than ever before. High profile splits between couples such as Maria Shriver and Arnold Schwarzenegger and Al and Tipper Gore have brought the issue to the forefront. Recent statistics suggest that as many as one in every four divorced spouses is 50 years of age or older. The divorce issues facing older Connecticut residents are different than those for couples in their twenties or thirties.
A large reason for these differences involves issues of property division. When a couple is just starting out in life, there is very little that need to be divided in the event of a divorce. By the time a couple approaches retirement age, there could be far more assets to negotiate. Investment accounts, retirement funding and other forms of property can complicate the negotiation process.
Another consideration involves couples who were previously married. When a spouse comes into a marriage with children from another union and property amassed earlier in life, the divorce process can be tricky. In such cases, many spouses want to ensure that they are able to pass down their own property to their children and grandchildren, as well as maintain the ability to fund their retirement.
Divorce issues involving property division can be far more complex for older Connecticut spouses. However, with the proper attention and knowledge, a divorce agreement can be reached that suits the needs of all parties. The result can allow each former spouse to move forward toward retirement with a solid financial footing.
Source: Los Angeles Times, “A ‘gray divorce’ boom,” Susan L. Brown, March 31, 2013