After decades of marriage, there are some North Carolina couples who decide that it is time to get a divorce. While doing so at any age can be difficult, those who are ending their marriage later in life may face more difficulties due to a lack of time to financially recover before retiring.
After reaching the age of 50, most individuals have reached their maximum earning potential and have marital assets that are mostly fixed. Further, their employment opportunities are likely to be more limited, meaning those who did not work during their marriage may not having the earning potential younger individuals who have time to enter into a new career do. While older couples may have amassed more assets than younger couples, many often do not have as much in cash and funds as they believe they do.
When certain assets are divided, one or both individuals may be taxed especially when it comes to retirement or brokerage accounts. However, these assets may be more straightforward than the family home. In many cases, one person may want to stay in the home that he or she has lived in for decades, though this may mean giving up the rights to other assets. For older individuals, this may be a gamble as the house could lose its value in the future.
No matter how old a person is or how long he or she has been married, the divorce process is an emotionally and financially difficult experience. However, there are certain ways that family law attorneys can help make the process a bit easier and go faster. An attorney can outline the options that a client has, particularly when it comes to the division of marital assets.