On behalf of Cooper & Tanis, P.C. posted in high asset divorce on Friday, December 23, 2016.
Some Colorado couples may be joining celebrities like Al and Tipper Gore or Danny DeVito and Rhea Perlman in divorcing after decades of marriage. According to the National Center for Marriage and Family Research, divorce among older adults is rising. In 1990, people 50 and over were half as likely to get divorced as they were in 2014. There has been an even greater increase for people older than 65. This trend may be attributed both to divorce growing increasingly acceptable and to women over 60 setting divorce in motion because they see the opportunity for a fresh start.
However, separating two lives after so many years together can be complex. It may also be expensive. People may find that they cannot afford to remain in the family home, and it might be necessary to join the growing trend of older single people who are sharing housing. Getting a job might be necessary as well.
People may need to create a budget to get a better understanding of what their financial needs will be. People may be able to claim on their ex-spouse’s Social Security benefits under certain circumstances, for example.
In a high-asset divorce, property division may become particularly complex. One spouse may own a business they want to protect from the other spouse. There may be complicated investments or real estate in other states. In some cases, one spouse might suspect the other of hiding assets. However, if both spouses are able to be honest and work with one another, it may be possible to avoid litigation. They might work with their attorneys to negotiate a division of property that they are happy with.