Divorce can change a person's life entirely. It is difficult for couples to part ways, but the seriousness of the situation increases when older couples are involved. These couples may have lived together for many years and may have adapted to a certain way of handling life and finances. Residents of Spokane, Washington, may have met some people who divorced later in life and are adjusting to their new lives.
According to general family law principles, the property of the couple will have to be divided between them. Sometimes, the spouse may be given the option of accepting cash, but it is advisable to plan ahead and not forego pension benefits. When divorce occurs later in life, it is recommended that the spouses think from a retirement perspective.
While dividing the assets, the couple may consider liquidity of their property, its current value, taxes and guaranteed income sources. The couple may equitably divide the house, assets and retirement benefits to ensure that the couple has balanced possessions.
Sometimes, the person may get emotionally attached to assets and may make the wrong choice financially. It is important while considering a divorce to think with a sound mind and plan for the long term. The person should try not to get attached to the home or other assets and ensure that a good financial position is maintained. The person should also check on the insurance policies. The spouses can also redefine his or her goals and make an assessment of the financial situation.
As Washington is a community property state, some property may be excluded from division. The couple should learn about all the details regarding their properties and assets to ensure equitable division of assets. The couple may also get help from a legal professional to protect their rights and interests.
Source: Forbes, "Saving Your Retirement From A Divorce," Greg Brown, Oct. 21, 2013