Protecting Your Rights And Your Future

Dealing with divorce for older adults

On Behalf of | Jun 22, 2020 | Divorce

Older adults in Arkansas who are considering divorce may face significant hurdles that younger people divorcing do not. One of the primary challenges they encounter may be that they do not have years in the workforce to recover financially from any setbacks caused by divorce. Therefore, it is important that they prepare carefully for discussions about property division.

Thoroughly review all assets and debts

Knowledge is key in these negotiations, and individuals should review their assets and debts. They should also have valuable property, such as art and jewelry, appraised so that they know how much money is in question. Another important consideration is to take note of personal property.

Retirement accounts may be one of the major assets for people in this age group. Different regulations for a division during divorce vary depending on whether the account is an IRA, a 401(k), an annuity or a pension.

What will life look like after divorce?

People should spend time considering what their life will look like after divorce. Some may need to focus first on putting away emergency savings. Others may still have children at home to support or may want to be able to offer financial help to children or grandchildren. Some people may want to reconsider their priorities and work to improve their community or travel the world after divorce. Steps that need to be taken after a divorce is final may include revising estate plans and purchasing health insurance.

The benefits of alternative dispute resolution

Divorce can be difficult emotionally even for those who instigate it. However, divorce does not have to mean litigation, and couples may want to negotiate a divorce settlement. An alternative dispute resolution method, such as mediation, focuses on resolving any conflict in a more amicable setting and finding a solution that is mutually agreeable. This is in contrast to the adversarial approach that can characterize divorce litigation. Negotiation and mediation also give couples more control over the final outcome of the divorce agreement.