Older Individuals And Divorce: Protecting Financial Interests
On behalf of of Schaffner Family Law posted in divorce on Thursday, July 28, 2016.
One of the main reasons that a gray divorce can be difficult is that one or both parties may have been out of the workforce for a significant amount of time. If one spouse is still working, it is possible that there is significant financial disparity between the two parties. Either way, protecting future financial interests should be the primary concern during a divorce.
Full disclosure of all assets and debts is important, but so is the careful consideration of the tax implications of the distribution of marital property. A person who is dependant on a spouse for financial stability may not be able to carry the financial responsibility of retaining ownership of the house. A person considering divorce should also weigh the property taxes that can come with obtaining other valuable assets during a divorce.
An experienced family law attorney is the most valuable ally for an individual facing this situation. He or she can help a person consider legal options and choose the approach that best ensures future financial stability. The first step toward understanding what lies ahead in a divorce and securing the legal counsel that is needed is scheduling a complete case evaluation with a Kentucky lawyer.
Source: money.usnews.com, “Gray Divorce: What Women Who Divorce Later in Life Need to Know“, Debbie Carlson, July 21, 2016