According to a report by the National Center for Family & Marriage Research, divorce among baby boomers is at an all time high – the divorce rate among middle aged and older adults has doubled over the past two decades. This is an astounding rate and number.
Baby Boomers and Divorce on the Rise
A recent CNBC story about the study raised valid questions about divorce at this point in one’s life and how to handle your financial future. People going through a divorce at this age are often nearing retirement, if they haven’t already. So what happens to your retirement accounts, pensions and other savings when you are fast approaching the time in your life you were most saving for? Another consideration is whether one party is entitled to receive alimony.
Tax implications among other things, should certainly be considered when negotiating a resolution between divorcing couples. Not only that, it is also a good time to address your wills and any other beneficiary contemplated documents, such as life insurance.
Separation and Divorce can be a complicated process. It is advisable to speak with an attorney to ensure you are protecting your rights. Marcellino & Tyson, PLLC handles family and domestic legal issues. If you are getting a divorce and have questions about the process, contact our Charlotte Family Law Attorneys to schedule a consultation and determine your rights and take the next step in protecting your future.