The end of a marriage may have any number of causes, but whatever the reason
behind it, divorcing individuals have to focus on the issues at hand before
they can move on. Georgians who have experienced divorce firsthand, especially
those who have ended marriages after two or more decades, know that how
they deal with matters such as property and assets now will affect them
for many years, possibly the rest of their lives.
A high-asset divorce is a complex type of divorce, one often faced by Baby
Boomer couples who have acquired substantial property and assets. Baby
Boomers are those born between 1946 and 1964 and are now ages 50 to 68.
Many of these couples have built nest eggs that they anticipated would
allow them to live comfortably after retirement. When these Boomers decide
to divorce, they must address many issues, including real estate, retirement
plans, 401(k)s and other assets.
This is where Baby Boomers find out that divorcing means they will have
to stretch only a portion of their finances to support themselves for
the rest of their lives. This is because division of property and assets
is not necessarily 50:50. Georgia is an equitable distribution state,
which often means that one spouse may end up with more than 50 percent
of a couple's assets. Each spouse may also face taxes on some of the
property and assets they take from the marriage. Clearly, financial challenges
that lay ahead can be successfully addressed.
If divorcing Boomers decide to settle the issues amicably, they must be
creative and cooperative to create a mutually beneficial agreement. For
this and other reasons, Boomers who are divorcing should consult with
attorneys and financial advisers to ensure that they will have a better
chance of living comfortably in retirement after the divorce.