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Divorce presents unique property concerns for older couples

On Behalf of | Feb 25, 2018 | Blog |

You and your spouse may have spent decades together, but now you have decided to go your separate ways. Divorce among seniors is not as unusual as it once was, but it still carries a measure of uncertainty that younger people do not face.

Financial security is a concern for seniors as they look to the future, and the division of property during the divorce takes on considerable significance.

The division of retirement income

You may have thought of your retirement money as a comfortable amount, but any retirement accounts such as a 401(k) or a pension fund will likely be evenly divided in your divorce. You may be unpleasantly surprised when you find that the sum total of those “comfortable” funds decreases by half.

The house issue

You may want to keep the home you have loved and cared for all these years. Remember that the house has a value. If you retain ownership, you will need to give up something of equal value to your spouse. The home you love also comes with property taxes and maintenance costs. Given your new financial circumstances, will you be able to manage this?

The alimony question

Alimony usually plays some part in the divorce of an older couple. In Pennsylvania, the court will consider various factors when making a decision about alimony payments, including the standard of living you and your spouse were accustomed to during the marriage, the length of the marriage, your current age and individual earning power.

Hidden assets

There is always a possibility of hidden assets: secret bank accounts or income sources that you know nothing about, for example. You can rely on an experienced attorney to get to the bottom of any suspicions you might have, with the help of forensic accountants, business valuation experts and other professionals. You and your spouse have accumulated a variety of assets over the years, and everything should be out on the table so that the division of marital property can be entirely equitable. Your attorney will make sure that you have every advantage as you wind up your divorce and enter the next stage of your life.