Baby boomers are divorcing more than ever these days. Often referred to as grey divorce, these divorces take place among individuals who are over the age of 50, nearing retirement and have often been married many years. As one can imagine, there are usually significant assets to be disbursed in these matters, many of which have been accumulated over a long period of time. Retirement accounts, stock portfolios, equity in the marital home and pensions all become issues. However, aside from the financial aspects to deal with, older couples tend to have more disputes over those things which are sentimental in value.
A couple who has collected family treasures and hand-me-downs over the years will oftentimes have trouble deciding who gets to keep them. They are sentimental to both parties and cannot be physically divided. Many times, it is these items which stall or even stop a divorce from happening. If parties who have spent a large majority of their lives together cannot come to an agreement, they will sometimes refuse to allow a judge to make those decisions and will simply forego a divorce altogether.
There is no good reason for couples to stay together simply due to a dispute over sentimental things. An experienced divorce attorney can help with mediating these disputes. In grey divorces, most judges prefer for the parties to work out a settlement agreement among themselves. In the process of building a home together, raising children and working hard to build a decent retirement, there are far too many memories and assets for a judge to be forced to decide on.
If you are a baby boomer couple considering divorce, it can be important to consult with a divorce attorney.
Source: CNBC.com, “Memo to divorcing boomers: Watch your assets,” Jessica Dickler, Sept. 9, 2016