The Harding Law Firm News

Baby Boomer Divorce Rate Climbing—Tips from an Albany Divorce Lawyer on Preparing for Divorce

Harding Law Firm - Wednesday, July 10, 2013
The number of people over 50 years old and getting a divorce is at a record high. In fact, one in four baby boomer couples divorce, and the number has doubled from 1990 to 2010.

Divorces are complicated, messy affairs for anyone, but more so when you’re over 50, been married for a long time, have children and maybe even nearing retirement age. From the division of marital assets (including your 401k retirement plan), health care benefits, life-long friendships with other couples and family vacations together with your ex-spouse and adult children – the effect is far-reaching and dramatic. Your whole life can be turned upside down. And worst case scenario, your divorce is taken to court because you and your ex-spouse are unable to resolve the division of assets.

Albany divorce lawyer, Charles Harding, outlines some important legal tips you should consider if you are in this situation:

➢ Fact: when you get divorced, your assets will be divided. But what is the most efficient way of doing this?

➢ Assets you accumulate while married are termed ‘marital assets’ and these are usually divided when you get divorced. This can include your 401k retirement plan, health care insurance, social security benefits and your home.

➢ Generally speaking, an asset that was clearly yours before you got married will stay your after you get divorced.

➢ However, there are many different ways of handling a divorce and determining how assets are split. Community property, where all assets are simply split down the middle to equitable distribution, where the court looks at the ‘fair’ way of dividing assets are some examples of how the jurisdiction may be applied.

➢ Try to settle outside a courtroom by hiring a professional divorce attorney and avoid the cost and stress of going to court.

Divorce law is complicated and no matter how savvy you think you might be, don’t try going through one without professional, legal help. If you’re considering filing for divorce and are over 50 or if you’re going through a divorce, it’s important you hire a good divorce attorney to protect you and your assets.

For professional help and caring advice with your divorce case, contact Charles Harding, Albany divorce lawyer today. Call 518-384-3400 to book a free consultation.