It is probably a safe assumption to say that most people in Columbus, Ohio, understand that property is divided during a divorce. Spouses know that when they get divorced, they’ll have to decide what they will do with the house, which spouse will get the car, whether the pair will change their business partnership and much more.
Understanding that property is going to be divided isn’t the same thing as actually dividing it during the process. Looking at the numbers can come as a shock to each spouse as they consider having to fund a separate life after divorce. For seniors, the prospect of changing their retirement plans can cause extra trepidation.
These feelings are okay. What is important is to ensure that the fear doesn’t become a reality due to a failure to properly consider all aspects during property division.
An attorney that understands the financial consequences of each decision and the unique circumstances of each individual situation can make the difference. Dividing assets for seniors requires different considerations than divorce at an earlier stage in life. It isn’t just property division either; things like alimony requests need to be reviewed with retirement in mind.
As with any other couple, seniors that are planning to divorce can start the process off right by compiling complete financial records. A spouse should make copies of anything that relates to finances, whether a spouse believes the documents to be relevant or not. Taking inventory of all assets is another helpful action. Then, make sure to have the help of an attorney with the qualities mentioned above.
Source: Houston Chronicle, “Divorcing seniors face unique challenges,” Jan. 13, 2014