Financial concerns are among the most common cited by Ohio couples who are considering divorce. Post-divorce money worries are normal, especially for couples who have been married for a significant amount of time. Baby Boomers, older and closer to retirement, must be particularly vigilant regarding the division of marital assets and property during a divorce.
Retirement accounts, spousal support and business interests are the most common money-related concerns of older individuals during a divorce. Many assume that a divorce means that their retirement dreams are lost, but that is not always the case. As many gray divorces involve the division of marital assets that have accumulated over a long period of time, many find it beneficial to seek the help of a lawyer specifically experienced in these areas.
Retirement savings will almost certainly be divided in a divorce, and dependant spouses may have a rightful claim to alimony. Both of these things can signal a significant financial loss, but there may be areas where compromise is possible. Negotiations can help parties reach an agreement that does not necessarily require working well past retirement age or handing over the majority of one’s life savings.
In order to reach a balance that is acceptable to both parties and allows for post-divorce financial stability, it is important to seek legal help even before divorce papers have been filed. With diligence and compromise, people can find solutions and move forward toward a strong future. For Ohio Baby Boomers, dividing marital assets can be complicated, but it does not have to be done alone.
Source: Fox Business, “Can You Lose Your 401k in a Divorce?“, Casey Dowd, Aug. 11, 2016