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A divorce late in life poses added risks

Even when a Maryland couple realizes it's the right thing to do under the circumstances, divorce is tough on all those involved. In addition to the paralyzing emotional issues to contend with, financial assets must be split and two separate households formed. As problematic as this is for those in their prime earning years, it's often more difficult for couples approaching retirement age.

Despite what many people may believe, divorces involving older couples are not isolated incidents. Although divorce rates overall in the country are on a slight decline, studies show that splits involving spouses age 50 and older have doubled in the last 20 years. It is no longer all but a certainty that a couple married for 20 or 30 years will remain so.

It takes extra planning and discipline to handle the additional economic requirements of a late-life divorce. Experts say soon-to-be exes should start by being realistic. It's also important to take an assessment of the joint assets and debts. Furthermore, both parties should forget the concept of entitlements. No one should expect to live a certain way moving forward merely because they lived that way in the past. Prior plans regarding retirement age and when to start taking retirement income may have to be altered.

No matter how many retirement plans are involved, property division during divorce is often contentious. A family law lawyer can look out for the best interests of a client during the negotiations. Ultimately, legal counsel could advocate for an agreement that is workable for all parties concerned.

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