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Divorce can have major financial impact later in life

The idea of getting divorced after decades of being married to one person may seem puzzling to some, but the reason for doing this is clear to those contemplating the dissolution of a marriage later in life. They want to live their lives on their own terms in the future, and this means saying goodbye to their spouses. However, a late-in-life divorce in Montana can be complicated financially.

Gray divorces -- those occurring among the over-50 population -- have been increasing in popularity in the past several years. In fact, the number of these types of divorces has doubled just in the past 25 years. Many of these divorces involve people in their 60s, who have decided to call it quits after second marriages or long-term marriages.

Unfortunately, when divorce happens late in life, those going through the process often have some emotional baggage, which can end up clouding their financial negotiations. For instance, perhaps a senior citizen chooses to end a marriage as part of a heated inheritance battle between her children from her first marriage and her current spouse's children. When facing acrimonious divorce proceedings, sometimes it is helpful to go through a long separation to allow one some time to think clearly before making the critical financial decisions that a divorce requires.

Getting divorced during the golden years can naturally be complex because many couples who have been together for a long time have amassed many assets over the years by this stage of their lives. These assets typically include retirement accounts, properties and multiple motor vehicles. An attorney in Montana may help navigate even the most complicated divorce proceedings while focused on achieving a favorable settlement for the client.

Source: stltoday.com, "Older couples ponder financial impact of divorce", Beth Pinsker, May 14, 2017

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