Unique Issues for the Baby Boomer Divorce
It’s no secret that Baby Boomer Divorces are on the rise.
According to the Office for National Statistics, divorce is decreasing in every age group except for couples in their 60s. U.S. Census Bureau reports that 25% of all divorces occur between couples who have been married 20 years or longer.
DIVORCE TIPS FOR BABY BOOMERS
1. Settlement is more important than ever: Legal Fees can be far more expensive for divorces with assets over 1 million dollars. When choosing an lawyer to assist you, ensure that s/he is experienced with not only litigation, but mediation or collaborative law as well. A talented negotiator with a strong legal strategy can help keep legal fees reasonable, confrontation low and the “damage” controlled.
2. Social Security: Just because social security benefits cannot be divided in a divorce, does not mean you should ignore the rules that impact your benefits if you marriage lasted more than 10 years. Educate yourself on rules that such as whether or not you are entitled to survivor benefits if your former spouse dies. Additionally, if you are over the age of 62, you can collect benefits after the divorce on your former spouse’s record without your former spouse receiving a reduction of their own benefits.
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