Recent divorce demographics point to a concerning trend for women over 50 years old. According to a Pew Research Study, the divorce rate for those crossing the half-century mark has doubled since 1990. Now being called “gray divorce,” a growing number of divorced women are being blindsided about the financial decisions many had left to their husbands.
With the tax filing deadline upon us, many couples have taxes on their agenda, if they have not filed them already. For families in the midst of a divorce, tax season can present unique challenges.
When you start a business with your spouse as your partner, you hope for the best. However, if the business sours, the strain placed on the marriage can be overcome. But is the reverse true? If you get a divorce, will your business soon fall apart? It does not have to.
Most people know that going through a separation or divorce frequently includes an emotional roller coaster. When a marriage falls apart, or spouses simply decide to go their separate ways, tensions can rise. Many of the issues divorcing couples need to address have long-term consequences. Property division, child custody matters, and spousal maintenance issues are best addressed with reason and a rational mind. Unfortunately, remaining focused is often easier said than done.
A divorce can be a confusing and scary time for children, especially if their only impression of it is one they have gained from television. Both parents need to be proactive in helping to alleviate the children's fears during a divorce. A co-parenting plan can help you and your soon-to-be ex to work together to achieve this. Here are some of the most common fears children experience when their parents are divorcing, and how to address those fears.
Dividing property in divorce is a difficult and often confusing process for many people. Many factors may influence what is fair and equitable in an individual case. Dividing assets and debts often requires more analysis than merely creating a spreadsheet to identify market values of all of the assets and performing simple math to obtain a result. Emotions often kick in, which may complicate the decision-making process. Listed below are three things to keep in mind when dividing assets during the divorce process.
In past generations, it may have seemed more common for parents to delay getting divorced until the children reached adulthood. Some couples continue to drudge through an unhappy marriage to protect their minor children from strife. However, as we discussed in July, more couples over the age of 50 are getting divorced. Many of these divorces are not due to a prior conscious decision to delay the dissolution until the kids were out of the house. Marriages break down for a wide variety of reasons, and sometimes couples that have been together for many years grow apart and seek to move on in their separate directions.
Dividing marital property can be complex. Couples facing the breakdown of their marriage often do not see eye-to-eye. Disputes over the value of the home or other substantial assets may seem burdensome. However, when one spouse decides to break the rules and hide assets before the divorce papers are filed, it is vital to work with a strong legal team to protect your financial future. Uncovering hidden assets may be more complicated than resolving disputes over market values.
If your marriage has reached the breaking point, you likely know that going through divorce can bring forth a variety of emotions. Whether divorce comes as a surprise or after a long breakdown in the relationship, the emotional turmoil can seem overwhelming for many individuals. Of course, if your marriage is at the breaking point, you likely are well aware that emotions can peak during divorce.
Many baby boomers are finding emptiness in their marriages, according to researchers. The divorce rate among couples over the age of 50 has doubled in the past 30 years. For those over the age of 65, the spike in divorces is even higher.