Many people facing the end of their marriages have minor children and are concerned for their children’s security and support. The divorce rate is actually on the decrease for younger people, but it is seeing an increase in couples 50 and older in Georgia. Rather than being concerned about security for their children, older parties are typically more focused more on their own security in retirement, and so they tend to focus more on property division in settlement negotiations.
Assets for the couple may appear to be in good shape as they near retirement age. But if divorce is contemplated, the couple will need to divide those assets. In most cases, post divorce expenses will be higher than during the marriage. Two households require more to maintain than one.
There are some things older people can do to protect themselves if divorce is being contemplated. Paperwork can be very important to verify assets and determine ownership of property. This can have an impact on the amount of property to be divided. Georgia is an Equitable distribution state, which means that assets are not necessarily divided equally but a fair and equitable division is the goal. It’s also a good idea to have copies of taxes, account records, insurance policies, retirement accounts and other important property related documents.
An older person contemplating a divorce may wish to consult with an experienced family law attorney. Property division can be very complex, and a knowledgeable lawyer may be able to advise and assist a person who is negotiating a divorce later in life. Retirement need not necessarily be compromised by divorce, and an attorney may be able to help that goal become a reality.