Dealing with asset division at age 50 and older

On Behalf of | Mar 22, 2019 | high asset divorce

According to a number of studies, people aged 50 and above are divorcing at a historically high rate. In legal terms, these so-called gray divorces are essentially the same as divorces among younger people. However, divorce among older people, who have had more time to earn income and collect assets, can be more complex when it comes to the division of property.

According to a study by researchers at Bowling Green State University, incidents of gray divorce doubled between 1990 and 2010. The study found the rate of married couples aged 50 and above who filed for divorce was 4.9 out of every 1,000 in 1990. This doubled in 2010 to 10.1 divorces per 1,000 married couples. The report indicated that there are contributory factors to the increased divorce rate. Some of these factors are education, racial or ethnic characteristics, employment, longevity of marriage and the number of past marriages each spouse had.

Couples undergoing divorce at the age of 50 and older may have accumulated more assets during their marriage, as compared to younger couples. The value of all property such as homes, vintage collections and vehicles should be assessed during the divorce process. In high asset divorce, the marital property can include more complex assets, such as stock options, retirement accounts and business interests.

Couples facing divorce should expect fair and just division during the process. In order for this to happen, both parties must reveal all the facts about their respective marital and non-marital properties. After that, they may need assistance from skilled personnel who handle asset division for the betterment of people undergoing divorce.