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Boomers today account for much higher percentage of divorces

Most Alabama residents do not feel the same at age 55 as they did at age 25. This is true for married couples as well, as relationships evolve over time. Many changing factors have been for the positive in terms of boomers’ marriages, according to a new study, which revealed longer life spans, more financial stability for women and a higher standard for determining happiness as a couple.

According to the study, however, the rate of couples divorcing after age 50 has doubled during the past two decades. In particular, boomers now account for more than 25 percent of divorces, compared with fewer than 10 percent in 1990. Given the amount of time couples have been together and each person’s stage in life, the divorce may be a high asset divorce, presenting more complications because of the assets involved.

Divorce remains the top reason for complex property valuation and asset protection. Often, older couples who have built up businesses, stock plans and substantial inheritances need complex property valuation, business valuation and professional practice valuation when going through a divorce.

Generally, it is easiest for couples to determine asset division by themselves. This becomes much more complicated when there are business assets and significant property interests involved. These complicated issues necessitate the use of an experienced attorney, particularly when the other spouse is represented by an attorney.

Ultimately, many boomers going through a high asset divorce may fear that the business they have established may be destroyed or undergo a negative impact due to the divorce. By working with an experienced attorney, these negative effects can be minimized, and individuals can continue to prosper after an equitable distribution of assets.

Source: Chicago Tribune, “Love lessons from the boomers,” Heidi Stevens, Oct. 2, 2012