Older couples and the division of marital assets in a divorce

A divorce in California can affect anyone of any age, but it is an increasing an issue for people who are age 50 and older. These are alternatively known as "gray" divorces. These often lead to confusion and worrying about marital property, assets and property obtained during the marriage. In a large portion of these cases, the women either did not work for a significant period of time or earned less than their husbands. They will therefore have trouble supporting themselves when the couple parts ways or might not understand the entire scope of the portfolio and how it affects their future. When there is a "gray" divorce, there are certain points that should be remembered to avoid any long-term problems later on.

When a couple divorces, they are supposed to bring all the records so every asset is known. Some, however, will try to hide certain assets. Having a minimum of three years of tax returns can help avoid this issue. Those with a higher net worth might want to think about a forensic accountant to go through every aspect of the finances. Getting copies and making records of all the assets and properties can avoid having assets that are not part of the property division.

The future often takes a backseat to the upheaval that may be inevitable during a divorce, but if a woman does not think about how assets will be dealt with, there can be issues. In certain instances, the woman will want to retain the home the family lived in, but that might not be the wisest course of action when certain costs such as taxes and upkeep are taken into account. When assets are divided, there are taxes involved. That includes any support payments that are made. The failure to make certain that various assets will be part of a settlement or will go to the former wife in the event of a death is a mistake that is frequently made.

With all of the aspects of an older couple choosing to divorce that can come to the forefront, there are numerous factors that can be overlooked. It could be items of financial or sentimental value, accounts, retirement plans and real estate property. Those who are divorcing need to make certain that they are protected and understand what they are facing when it comes to the division of marital assets.