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How to deal with property division in your 50s

When a couple decides to end their marriage, they will split their finances. Here in St. Charles, Missouri, residents are aware of the effects of property division in divorce-it can turn the case into a contentious one, especially if there's been a breach of trust behind the divorce. Recently, a considerable number of boomers, or people aged 50 and above, are divorcing. Boomers have to be especially careful when dealing with property division, as rebuilding their finances at their age can be more difficult compared to when they were younger.

First, divorcing boomers have to remain calm as the divorce unfolds. When divorcing individuals are able to set aside their emotions and focus on the issues at hand, they can often achieve better results. It is important for divorcing parties to hear each other's opinions, especially during property division. Fighting over a piece of artwork, for example, can only prolong the process. Another tip is to bring in a third party. Litigation can end up being the best solution in divorce cases. If both parties are willing to enlist a mediator or financial adviser, both parties will be able to create their own settlement without the interference of a judge.

Divorcing spouses should not forget about debts-shared and individual. Failure to address debts may surprise the other party once the divorce is over. It is important for divorcing parties to discuss how they will pay off these debts. Divorcing parties have to obtain credit reports to determine their status when it comes to debts.

Lastly, divorcing parties should analyze their retirement benefits and assets. Retirement benefits can be used to start a new life post-divorce. However, boomers should be cautious when tapping into these retirement benefits. It may be beneficial to seek legal advice first before deciding what to do with retirement benefits and other marital assets.

Source: Usatoday.com, "Protect finances in later-in-life divorce," Anna Helhoski, Nov. 23, 2014

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