Divorce can be challenging no matter what stage of life a person is in. However, the older a person is when he or she gets divorced, the more complicated this type of family law proceeding can be. A few tips may help tackle issues such as property division when going through a late-in-life, or gray, divorce in Montana.
One out of four divorces today are later-in-life breakups in the United States. This is partly due to increased longevity. Unfortunately, getting divorced later in life can take a financial toll on a person because married couples typically plan to retire together, and when they get divorced, they end up having to split their wealth and simultaneously accrue more expenses than they had when they were married.
When dealing with property division, it may be helpful to consult with a financial advisor to get a full picture of one's finances. This will help in making educated decisions about which assets to pursue during divorce negotiations and which ones to be willing to give up to a future ex. It is important to consider the tax implications of liquidating assets, such as IRAs, and of making other financial decisions during the divorce process.
Property division can be particularly complex for those with high-value assets. However, with the right legal support, those going through divorce in Montana can work toward a resolution that is in their best interests. If a couple is unable to achieve a resolution that is acceptable to both parties, a judge will have to get involved and make any unresolved financial decisions for the couple.
Source: chicagotribune.com, "How to tackle finances during divorce", Martha M. Hamilton, Dec. 2, 2016