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Divorce can be especially problematic for those over 40

The emotional turbulence that accompanies the dissolution of a marriage in Montana can alone be overwhelming for those ending their marriage. Having to address the finances can feel like adding salt to the proverbial wound. This is particularly true for those who are going through divorce past the age of 40.

The divorce rate for Americans above 40 has been increasing over the past two decades. In fact, it has doubled for those over age 50. Getting divorced later in life can be problematic, as it might make it difficult to continue saving for a comfortable retirement.

For this reason, knowing where one stands financially is paramount before embarking on the divorce process. This requires taking stock of one's current finances, including existing assets and income, and then creating a budget to reflect one's likely financial situation after divorce. The challenge that many individuals face, however, is that their former spouses were the ones who handled the finances during the marriage, so they may not know where to start when it comes to addressing financial matters.

Fortunately, an attorney in Montana can offer the guidance needed to navigate financial matters related to divorce, such as the distribution of property. If two divorcing spouses can find common ground on these matters, they may be able to achieve a mutually satisfactory divorce settlement without further court intrusion. On the contrary, if they cannot see eye to eye, a judge will have to step in and decide for them how their finances will be handled during their divorce proceeding.

Source: cbsnews.com, "Divorce tips for financial security", Jillian Harding, Nov. 13, 2017

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