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Certain decisions could prove costly in a gray divorce

On Behalf of | Sep 9, 2021 | Divorce

Age is just a number, and that is especially true when married individuals decide to end their relationship. No matter how old a married Arkansas resident is, divorce is an option if the individual is unhappy in the marriage. Of course, if parties are over the age of 50 when they decide to dissolve their marriage, it is important to avoid mistakes that could pose serious issues in the coming years. 

Though mistakes are possible to make in divorce for individuals of any age, it may be more difficult for people closer to retirement age to rectify those errors. As a result, it is essential that parties understand what their futures could entail as unmarried individuals and how they can set themselves up for moving forward in the best manner possible. Often, the most common mistakes relate to financial matters. 

Some decisions that could prove costly in the long run include the following: 

  • Keeping the house without thinking about the costs of the remaining mortgage, property upkeep, repairs, taxes and other expenses 
  • Hiding assets during the divorce in hopes of keeping them, which could result in serious legal consequences if found out 
  • Not considering the tax implications of various asset division outcomes 
  • Overlooking marital debt that one or both parties may end up responsible for 
  • Not negotiating for a fair share of retirement funds, pensions or similar assets 
  • Navigating the process alone 

Though individuals over the age of 50 may be considered more mature and experienced in life matters, it does not mean that they should handle their divorce case without help. Arkansas laws regarding marriage dissolution have numerous requirements, and it can easily become confusing for someone not well-versed in these legal aspects. As a result, gaining assistance from experienced family law attorneys may be useful. 

 

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