Divorce at any age comes with challenges, but divorcing after years of long-term marriage presents unique complexities.
Years of blending finances and accumulating assets may develop some tricky considerations when you start to divide things.
Identifying pre-marital and marital assets
Several circumstances affect the division of assets from a long-term marriage:
- You may not remember when or how you got certain valuable items, such as jewelry or art.
- Your pre-marital and marital assets may crossover. For example, you used savings from before the marriage to purchase a home after marriage.
- You may struggle to identify all of your marital assets after a lifetime of building a portfolio together.
If you have paperwork for any assets, start collecting it right away to help clear up the gray areas.
Dealing with inheritances
The chances of an older couple having deceased parents are greater than younger couples. When one spouse uses inheritance funds to purchase assets during the marriage, the lines between what belongs to whom may blur.
Dividing retirement accounts
The later you are in life, the more likely it is that you have a substantial retirement account. If one spouse provided most of the income, they may have a larger account. Dividing retirement accounts is often complicated. It requires a heavy load of paperwork and some important decisions about moving the funds or staying in a shared account.
As you navigate the divorce process, you may come across more hard questions about marital assets. Couples with pre-marital agreements may find it less difficult to navigate the divorce process.