As many in Washington know, negotiating the divorce process can be particularly difficult or complex for those who have been married for a long period of time. This can be due to the higher amount of assets that have accumulated over a long marriage. Coming to a divorce settlement can be a challenge for some couples who have their own wishes and desires.
Reports indicate that the number of couples over the age of 50 who are filing for divorce in Washington and across the country has doubled over the past few years. These couples may want to consider not only pulls together documents that your attorney needs, but it helps them determine a plan based upon the entire financial picture.
Authorities recommend that some couples consider the negotiation process as they work through a divorce. A negotiation can involve all aspects of the divorce and can limit expensive and time consuming hours in court. Dissolutions that are negotiated may also be less stressful for some couples. However, if a couple cannot agree on an issue in their separation, the court can be asked to step in to make any necessary decisions.
Opening accounts in one's own name and working to establish a credit history may also be a good idea for some who are divorcing after a long marriage. In addition, it may be important to consider the disposition of the family home. The cost of maintenance and a mortgage may be more than any one spouse wishes to undertake after the dissolution.
When a person goes through a divorce in Washington -- regardless of how long they have been married -- it can be an intimidating process. Having documents such as a complete financial review can arm a person with information that may empower them as they dissolve the marriage. This information can be important through all aspects of the divorce process whether a couple chooses to negotiate an out-of-court settlement or advocate for their interests in front of a judge.
Source: AARP, "6 Ways to Protect Your Money In a Divorce," Sid Kirchheimer, May 16, 2012
1 Comment
Susan
June 21, 2012 at 4:13 PM
One of the biggest challenges in long term marriages is assembling the data/information needed in order to prepare for a negotiation or settlement conference. Many clients do not understand the need for this level of expertise and end up short changing themselves and their financial future.
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