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Older divorcing couples and asset division

The aging population of Missouri and the United States has been increasing, which has resulted in an increase of gray divorces. Gray divorces, where a couple over the age of 50 files for divorce, accounted for one in five divorces as of 2009, which is double the number in 1990. Divorces come with financial and emotional challenges, but divorces among older couples have some unique hurdles, especially when it comes to property division.

When older individuals divorce, they usually have a larger and more varied amount of assets than younger couples. Additionally, people who are older are often close to retirement. This means that property division is more difficult and offers less room for error for couples who are more advanced in years.

The biggest issue regarding property division is ensuring that assets are split up fairly and with enough liquidity. Stocks, homes and retirement accounts may have different values based on housing markets or fees associated with cashing them out. Additionally, if someone keeps a home but has no other income, they may end up having to sell it to pay their expenses.

When people of any age go through a divorce, it can be hard to make decisions because it is such a challenging time. This is why many individuals may find that speaking with a divorce lawyer is a good idea. A divorce lawyer could help someone understand what their options are as well as the pros and cons associated with them. Additionally, a lawyer may be able to help someone ensure that they receive an equitable amount of a couple's assets.

Source: Huffington Post, "Tips For Going Through A Gray Divorce," Howard Hook, Mar. 7, 2013