Baby Boomers and High-Asset Divorces
Twenty years ago, a divorce involving a person over the age of 50 was rare. Today, however, one in four people who are divorced are age 50 or older. The divorce rate for this demographic has doubled. As life spans have increased and divorce has become more culturally acceptable, the growth in divorce rates for baby boomers is no surprise. This type of divorce presents some unique financial and property division issues, especially when the parties are nearing retirement or have already been retired for several years.
First, baby boomers who are seeking a divorce later in life typically have accrued more wealth and assets than their younger counterparts. These assets may include a residence containing significant equity, retirement accounts, and non-retirement accounts. A divorce later in life may result in financial insecurity for one spouse, whereas the other spouse may feel entitled to the bulk of assets that he or she has earned over the years. Therefore, property division may be more crucial for these individuals than for younger couples who have not amassed as much wealth.
Alimony is also an issue in these so-called “grey divorces.” This means that there is yet another issue for the parties to fight about, particularly when one spouse has primarily stayed home to raise kids and the other spouse has been the main financial support for the family throughout the couple’s marriage. For one spouse, alimony may be necessary for financial survival. For the spouse on the other end of this equation, however, minimizing spousal support payments may be essential for maintaining the comfortable lifestyle that he or she desires.
As your Georgia divorce attorney, we can properly advise you about your rights in your divorce proceedings. At the Shaw Law Firm, LLC, we have represented countless baby boomers and individuals of all ages in highly contested divorce cases. We know how to handle these situations, and what type of evidence is best used to support your case.
Contact us or call today to learn how Shaw Law can work with you to achieve the best outcome possible for you and your children.
Scott Shaw is founder and principle of Shaw Law Firm LLC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.