A study by the National Center for Family and Marriage Research at Bowling Green State University in Ohio confirms what many Pasadena divorce attorneys have long known. The divorce rate among people aged fifty and older has doubled since 1990 and it is estimated that over 300,000 “gray” divorces will occur each year by 2030.
Divorce can be costly at any age, but it’s especially challenging for those over fifty because they have fewer working years left to recover the lost income. In many cases, they are forced to make cutbacks as they adjust to single life. This may include living in a smaller home, taking fewer vacations, providing less financial support for adult children, or continuing to work part time during their retirement years. This issue is addressed in the recent New York Times article Retirement Plans Thrown into Disarray by a Divorce.
If you're over fifty and contemplating filing for divorce, because of these added challenges, it is crucial to have an experienced attorney who will help you fight for your fair share of assets. Some attorneys may also recommend enlisting the services of a forensic accountant to help uncover hidden or simply overlooked assets. For example, if your spouse changed jobs frequently, there may be long-forgotten retirement benefits that you are legally entitled to under California’s community property laws.
You may also want to consider enlisting the services of a financial planner who can help you decide what assets you should prioritize during the settlement negotiations. Assets like the marital home have great emotional value, but divorce is essentially a business transaction. It’s crucial that assets such as Social Security benefits, defined-contribution plans, pensions, and stock options are inventoried and divided correctly.
How Can We Help?
If you have questions about the best way to divide assets during a divorce, please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com. Our Pasadena divorce law firm can provide the legal representation you need to obtain a settlement that will ensure a secure financial future.