As frequent readers of our Dallas family law blog know, we have more than once outlined issues involving so-called gray divorce. Because the Baby Boom generation — this nation's largest generation ever — is edging into retirement, it is confronting high-stakes items as its graying members increasingly opt for divorce.
The president of the American Academy of Matrimonial Lawyers says the three disputes most common in gray divorces involve spousal support (83 percent), retirement accounts and pensions (62 percent) and business concerns (60 percent).
AAML president Joslin Davis said in an article that her group's research shows the importance of those financial matters to Boomers. She added that people in the 50-plus age range "need to be extremely mindful about the complexities of negotiating key issues involving spousal support and retirement accounts."
John Slowiaczek, incoming president of the group, said that Boomers contemplating divorce must first realize that their marriage has been good for them financially and that those benefits are going to disappear. For instance, instead of paying for one marital home, two households will be required.
Also, in many cases people realize that they might well be required to pay long-term spousal support; an expense that might well delay or otherwise alter retirement plans.
Slowiaczek said that couples that own a business should strongly consider creating with family law attorneys buy-sell agreements that can minimize property division disputes in divorce.
You can discuss the specific issues most important to you with a Dallas family law attorney experienced in resolving property division disputes.