Virtually no one in California weds with the intent of filing for divorce later on. However, the reality is that many couples are simply unhappy after spending years or even decades together, and the best option is to end the marriage. This might feel easier said than done, especially in the case of a high asset divorce that comes after decades spent together.
While the divorce rate for adults younger than 50 has significantly dropped over the past several years, those over the age of 50 are divorcing at higher rates than ever. For this age group, the rate actually doubled in only 25 years. Now, one out of every four divorces involves someone older than 50. While there is no wrong time to get out of an unfulfilling marriage, doing so at this age often comes with extra complications. Complicated assets, retirement accounts and life’s worth of entangled marital assets all have to be addressed.
Retirement savings are a significant concern in these situations. Retirement savings intended to support two people in a single household can generally stretch much further than a divided amount supporting two separate households. There is also no guarantee that one person will be able to stay in the marital home, since upkeep costs and taxes can eat into already a person’s already divided income.
A high asset divorce can be extremely complicated. For California couples who had decades of marriage under their belt before filing for divorce, tracking down and accurately dividing all marital property is not for the faint of heart. However, that does not mean people should avoid pursuing this option if they are no longer happy or fulfilled by their marriages. By maintaining a careful attention to detail and consulting with experienced counsel when necessary, most people can successfully settle their property division issues.