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How older people can avoid financial difficulty after a divorce

The rate of divorce for Maryland residents and others who are 50 and older has doubled in the past 25 years. Those who get divorced can benefit from taking steps such as inventorying their assets or asking for alimony as a lump sum payment as opposed to a monthly check. Asking that a former spouse take out a life insurance policy may also protect alimony payments.

In the event that the person making alimony payments dies, the insurance policy can make up for lost future support payments. The cost of insurance premium payments will usually be included in a final settlement. Those who receive alimony should ask to be named both the owner and beneficiary of the policy as that gives them control over it. Taking an inventory of assets may make it easier to determine which items are joint property and which ones are separate property.

It may also make it easier to determine what may happen with inherited money that has been commingled during the marriage. Anyone who is going through a divorce should get a list of all the employers for which his or her spouse has worked. In some cases, checking with past employers may reveal a pension or other forgotten benefits to which an individual may be entitled a share.

At the end of a marriage, an individual may have trouble making decisions in a sound and rational manner. This may result in someone making unreasonable requests for marital property or asking for excessive alimony amounts. By talking with an attorney, it may be easier to use the facts in the case to create a settlement that is both realistic and favorable. This may work to resolve a divorce proceeding in a timely manner, which may save money and preserve relationships.

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