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Navigating a high asset divorce later in life

When older Americans decide to end their marriage, it will bring to light a host of complicated financial issues that must be addressed before the process can be finalized. Gray divorce is a term given to describe the high and growing number of people who choose to divorce in the years close to retirement and after decades together. A high asset divorce is almost always complicated, and it can be especially more so for Massachusetts couples with a large amount of retirement savings.

During a divorce, financial assets accumulated over the course of the marriage must be divided between the two spouses. This may compromise a person's plans for retirement and may require an adjustment of lifestyle expectations. Individuals considering divorce may believe that they must sacrifice financial security in order to have happiness later in life, but that is not always the case.

It is certain that financial adjustments will have to be made after a divorce. However, it is possible to seek a settlement that provides stability and security for decades after the marriage is over. Working with an experienced lawyer is crucial for an older individual navigating the financial challenges of a gray divorce.

A high asset divorce must be approached carefully, and complex financial matters must be carefully considered before decisions are made. It is also important to ensure that all marital assets are disclosed to ensure equitable distribution of property, assets and debts. By meeting with a Massachusetts lawyer and preparing for what the divorce process will bring, one can take steps to protect financial interests. 

Source: Bloomberg, "It's Not Just Brangelina Taking a Financial Hit With Late Divorce", Carol Hymowitz, Sept. 29, 2016

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