Divorcing when you are near retirement | Lakeville, MN Family Law ...

A growing number of divorces are occurring among Baby Boomer couples. Many of these couples have been married to each other for years and years. Their children have long since moved out and may have started families of their own. This is often a time when a marriage that has been unfulfilling for decades is no longer sustainable.

Approaching divorce after a long-term marriage can require some unique considerations. While a younger divorcing couple may have little or no equity in a home and are only beginning their retirement savings, an older couple is more likely to have significant retirement savings which they plan to use in the near future, as well as greater home equity and other assets.

Many married couples work hard for 30 years to pay off their mortgage and own their home outright, or at least to have a great deal of equity. While it is certainly preferable to have an asset rather than a debt to divide during a divorce, owning and occupying a family home may not always be what an individual wants after a divorce. It can be that as a Baby Boomer transitions through divorce they would prefer to leave their large house and yard in Apple Valley and move into a condo or loft in downtown St. Paul.

When the potential for retirement is not far away, it is also important to carefully consider what your goals for retirement are when preparing a division of marital assets and property. Different types of assets may make more sense for one spouse or another to retain after the divorce. A spouse who is already retired may have greater need for immediate access to cash, whereas a spouse who is still working may prefer to have a larger portion of a pension for retirement income.

Whatever your specific situation may entail, it is important to start by looking at your budget and financial goals and determining how they may be affected by the divorce. Once you have clear understanding of where you are and where you want to be, it is much easier to determine the best way to get there.

Source: Fox Business News, "Graying Divorces: What Boomers Need to Know to Protect Their Assets," Andrea Murad, May 25, 2012

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