Jump to Navigation

Complex property division likely in baby boomer divorces

Divorce can be difficult, regardless of the age of the parties involved. In Saint Charles, Missouri, local residents know how difficult the legal process of divorce can be. Emotions run high as spouses deal with the issues involved. For baby boomers, divorce can be very challenging, especially to those who have no idea of the stakes involved, such as stay-at-home spouses, which puts them at disadvantage during property division.

Seniors, unlike younger divorcing spouses, often have substantial assets to divide during divorce. Questions as to how to divide annuities, pension plans, savings accounts, 401(k) accounts, stocks, real estate and business assets are more likely to arise. Divorcing boomers who do not handle the family's finances may not be aware of the property and assets involved. It is important for these individuals to pull out the information pertaining to property and assets in order to ensure full disclosure and fair division. Although the process of compiling a list of assets and assessing their value may take some time and extra effort, taking the time to do this will help ensure that they receive what they are entitled to once the divorce is finalized.

Divorcing seniors can start by obtaining all the relevant financial documents related to the couple's assets. They can make photocopies of the documents and store them in a safe place. The financial documents then can be handed over to an attorney who will handle the legal process. If these documents are nowhere to be found, the divorcing individual may seek help from forensic accountants and other experts who can help in determining all of the property and assets obtained during the marriage.

During property division, the spouses involved can settle the case via traditional litigation. They also can use alternative options if both parties are sincere with their intentions during the division of marital assets. Prenuptial agreements, if the couple has drafted one prior to the marriage, may also be used as a means of property division. The judge will honor what is written on the agreement, so long as the prenup was properly drafted and signed without coercion.

Source: Houston Chronicle, "Divorcing seniors face unique challenges," Jan. 13, 2014

No Comments

Leave a comment
Comment Information
Joseph J. Porzenski
Email Us  (spam free)

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to RSS Feed
FindLaw Network

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.