DIVORCE AND PROPERTY DIVISION FOR RETIREES
On behalf of Andew Lloyd of Lloyd & DuPuy PLLC posted in Family on Friday, January 27, 2017.
Are you and your spouse retired? Have you decided to move forward with divorce? Although this is a big step to take later in life, it may be the best alternative. .
After a certain age, child custody and child support are not likely to be major issues in divorce. That being said, you are still likely to have a variety of questions, many of which are related to property division.
The many types of property subject to division in a divorce
If you are the sole owner of an asset, such as something that you brought into your marriage, it will not be considered when property is being divided.
However, like most people who have been married for some time, you probably comingled assets and made joint purchases during your marriage. This is the property that will move to the forefront during the divorce. Consider the following:
Financial assets: cash, checking accounts, savings accounts, retirement accounts, pensions, stocks and bonds, annuities, CDs, life insurance cash values, and profit sharingReal property: marital home, vacation home, rental property, and business property.
Personal property: home furnishings, china, crystal, jewelry, collectibles, guns, artwork, clothing, home office equipment, cars, boats, other vehicles, and electronics.
Business assets: professional practice, sole proprietorships, partnerships, and any other type of business interest.
This list does not include every asset that could be divided in divorce, but it shows you just how many things you need to consider.
As a retiree, some of these assets are more likely to apply to you. For example, you and your spouse may own a home together. Financial assets, such as a pension or a retirement plan, are also potential areas of contention.
Property division in divorce can be complex at any stage in life. As a retiree, you’ll face some unique circumstances that must be dealt with in the appropriate manner. It’s imperative to get the help you need to take the right steps from the start of the divorce process.