${site.data.firmName}${SEMFirmNameAlt} Main Menu
Call Today: 855-805-0595

Older couple's divorce brings special concerns

39457958_S.jpgDivorce among older couples in St. Louis,  throughout Missouri and across the nation has increased noticeably during the last two decades. The change is being led by the baby boom generation and is likely being caused by numerous factors. Women are better educated, often have had careers and their own income.

They may be unwilling to settle for a relationship that has grown stale or withered over the years. For many, 30 years of marriage have made them different people and they may find they now have little in common. They may view their marriage dissolution as simply the next phase of their lives.

But a divorce at 60 brings different concerns than one at 30. Child custody and support issues are likely nonexistent. Property division, however, is of great importance, as you no longer have 30 years of earning capacity to make up for assets divided during a divorce.

Retirement accounts and pensions take on a special importance. A pension from employers, 401ks, IRAs and any other investment accounts need to be carefully analyzed before they are divided, including the tax effect on each party to ensure that their division is truly equitable.

For instance, a 401k and a Roth IRA of the same amount are not equivalent, as the Roth consists of after-tax dollars and is distributed tax-free, while the 401k is made up of before-tax dollars and will carry a tax liability when funds are withdrawn.

While assets like the family home may contain a lifetime of memories, it may also come with a lifetime of accumulated maintenance needs. If you take it as part of your property distribution, you need to be certain you can afford a new furnace, roof, painting, siding or all of the other maintenance and repair issues that come with a home.

All of these should be worked out while examining your marital assets, so you can move on and fully enjoy your retirement after a divorce.

No Comments

Leave a comment
Comment Information
2015 Top 100 Lawyers - ASLA Lead Counsel Rated Rated By Super Lawyers American Legal Institute | America's Top Attorneys 2016 Nation's Premier Top Ten Ranking 2016 | NAFLA 10 Best 2014-2016 | 3 Years Client Satisfaction | American Institute of Family Law Attorneys ™ Avvo Rating 10.0 Superb The National Trial Lawyers National Association of Distinguished Counsel | Nation's Top One Percent National Academy of Jurisprudence Rue Rating | Best Attorneys Of America | Lifetime Charter Member The National Advocates Top 100 Lawyers | America's Premier Attorneys Law Firm 500 | 2016 Honoree
Stange Law Firm, PC

Stange Law Firm, PC
120 S. Central Avenue
Suite 450
St. Louis (Clayton), Missouri 63105

Toll Free: 855-805-0595
Fax: 314-963-9191
St. Louis Law Office Map