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Tips for a late-in-life high asset divorce

Massachusetts residents may have noticed that in the last several years there has been an increase in the number of divorces amongst older couples. Divorce at any age can be difficult, but in some cases, it may be more so for older couples because they have had more time and opportunities to collect a wide variety of assets. There are several things that couples going through a high asset divorce might keep in mind in order to ensure that everything proceeds smoothly.

Keeping detailed records can be a great help to both client and attorney. These records might include a list of assets or old job records. Lists of assets should include items or accounts that are both individually and jointly owned in order to avoid confusion and to help make it easier to determine which assets need to be divided. Employment records might reveal stock options or other benefits that one of the spouses might have forgotten about. 

Taking an active role in the proceedings could also benefit potential divorcees. While the attorney may be able to take care of most details, it is possible for something to slip by. By taking an active role and asking questions, the client might be able to ensure that everything is taken care of and that he or she understands the decisions that are being made.

Of course, there are a variety of other topics for divorcing couples to keep in mind as well. Those who will be receiving alimony may want to know how they will be affected if their ex-spouse's income changes or if their ex-spouse dies. Others may be concerned with any life insurance policies or Social Security benefits that they might be entitled to. 

Divorces can be very complicated for couples that have only been together for a few years. They can be even more difficult for older couples who have had more time to acquire a large number of assets. Local attorneys can help those living in Massachusetts who are going through a high asset divorce to communicate effectively and come to what is hopefully a mutually beneficial resolution. 

Source: marketwatch.com, "7 ways to manage financial pitfalls during a late-in-life divorce", Melody Juge, Feb. 9, 2018

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