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Divorcing baby boomers may encounter financial questions

In Illinois, and across the country, many people may be noticing that an increasing number of older couples are making the decision to file for divorce over the last several years. This new generation of divorcees is at the age where they are nearing retirement, and where they potentially have accumulated high amounts of assets over their lifetimes. When divorce comes around for older couples, there is often much more shared between the individuals that now must be divided.

These splits can become especially complicated when retirement funds -- which are frequently one of the most valuable assets an individual holds -- are involved. Furthermore, couples may be making their post-retirement financial plans around the income a personal retirement account will provide. Each party often wants to ensure they will be financially stable post-divorce, which may create negative feelings between the couple if they cannot agree on how to divide these shared assets. However, many may find that cooperating and collaborating to form a financial settlement, which equally benefits each party, may be the best route to find resolution.

Regardless, it is found that thinking long-term in these situations is beneficial for older couples who are considering a split. Understanding what these funds and accounts consist of, as well as how they will be disbursed in the future, may help a couple split these assets evenly between them. It can also be helpful to have an understanding of what your financial needs will be after the divorce is finalized. Making preparations and answering a few basic questions can help ease strain when older couples divide their assets.

More than anything else, it is important to understand that you don't have to go through the divorce process alone. A knowledgeable divorce professional can provide answers as to how even the most complex and valuable assets can be divided. Divorce can raise a lot of questions, so receiving honest, helpful answers eliminate a lot of excess stress.

Source: Fox Business, "Graying Divorces: What Boomers Need to Know to Protect Their Assets," Andrea Murad, May 25, 2012

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