Navigating the marital break-up process is no doubt an emotionally and financially difficult experience for any couple. However, it can be particularly overwhelming for those going through a high-asset divorce — and especially at older ages. Some tips, however, can make the divorce process a little less challenging for older couples in Maryland and elsewhere.
Before embarking on the process of divorce, people who are older may want to take inventory of all of their marital assets. These are all assets that they and their spouses acquired in the course of their marriages. For instance, the assets may include real estate and insurance policies. Information can also be gathered on pensions, bank accounts and retirement accounts.
Next, older divorcing individuals might want to consider their existing retirement plans and how they may change in the wake of the divorce. For some individuals, splitting retirement assets in half during the divorce may set them back significantly, thus forcing them to have to work longer to save money before they retire. Meanwhile, other individuals may find themselves having to adjust their plans only slightly as a result of the divorce process.
Navigating the ins and outs of divorce can prove more challenging for individuals with more complex and valuable assets. However, an attorney in Maryland can provide the guidance needed to make educated decisions during a high-asset divorce. The attorney will push for the best outcome for his or her client, all the while making sure that the client’s legal rights are not violated at any point during the divorce proceeding.