For Louisiana residents who are getting a divorce in their later years, there are many things that they have to think about to ensure they’re making sound financial choices and decisions. Getting a divorce close to retirement age can be financially devastating for couples because settlements usually require splitting retirement accounts, bank accounts, savings and any other assets that the couple owned together.
What are some things that older people should think about when getting a divorce?
People who are getting a divorce at an older age should make sure that both parties put together an inventory of all of the assets that they own together. Very often in a marriage, one spouse knows more about the financial health of the couple than the other one does. This gives the spouse with the knowledge an unfair advantage during divorce negotiations.
A couple should also figure out who will be getting the house in the divorce agreement. One spouse may get the house, but that spouse might be unable to afford the mortgage and other expenses related to the home’s upkeep. The spouse getting the home should negotiate those extras into the divorce agreement so that they can actually afford to stay there. If one spouse agrees to sell their share in the home, they need to make sure that they’re getting a fair price.
Couples also need to be aware of any outstanding debt that they owe together. This can throw a wrench in financial discussions, so being aware of any existing debt will make things easier on everyone.
Where to turn for help regarding splitting assets
Divorcing at an older age is often financially devastating, so people in this position may benefit by working with attorneys who have experience navigating this type of family law. An attorney may help their client estimate their post-divorce expenses and work to negotiate an agreement that helps provide for their future.