Not all assets can be split down the middle, so the amount given to each spouse is based on equity, length of marriage, ages of spouses, and income for each person.
Louisville, KY (PRWEB) March 08, 2013
In 2009, it was discovered that one in four divorces occurred to people over the age of 50 in the U.S. (National Center for Family & Marriage Research). With divorce continually on the rise at older ages, it can be increasingly difficult to recover financially. Divorce.us.org shares some tips on how to deal with divorce and finances as an older American.
Splitting up money and valuables is one major aspect of a divorce to consider. Not all assets can be split down the middle, so the amount given to each spouse is based on equity, length of marriage, ages of spouses, and income for each person.
Retirement accounts and investments are big assets to split evenly. Determining which spouse gets what, how fast the accounts will drain with each spouse, and what a spouse is willing to compromise should be considered when dividing these assets.
Beneficiaries should also be changed whenever an older couple is going through divorce. This is one large mistake many people make, so names on retirement accounts and life insurance policies should be changed once a divorce is final. Also consider changing power of attorney and health care policies as these can be powerful tools for an ex-spouse to take advantage of too.
Finally, taking control of finances is a big challenge for many divorcees when the other partner was the primary money manager. Start by getting a personal copy of a credit report and see how marriage or divorce has affected credit scores. These agencies also have a tendency to have credit monitoring systems in case an ex-spouse tries to destroy credit lines. After a credit check, it's good to learn how to balance the checkbook and pay the bills.
After these steps are complete it can be easier to move on as an older divorced couple and get the finances straight.
Divorce.us.org is a top resource online for divorce records, marriage records, and other family background information. A simple search can turn up hundreds of records on just one name. Find out the divorce records needed today on this reliable database.