Complex financial issues during divorce

On Behalf of | Jun 20, 2016 | Divorce

A 2014 report from the University of Minnesota reported that older adults were divorcing at an increasing rate. When older couples end their marriage, there may be a more complex division of property because there are more assets to divide. The same may be true in a divorce when people are celebrities or very wealthy. For example, there is speculation that actor Johnny Depp’s sale of part of his art collection might be linked to his divorce from Amber Heard although experts say that is unlikely. The marriage lasted only 15 months, and Depp began collecting the paintings in the 1990s. Therefore, under California community property law, they would probably not be subject to division.

Privacy can also be a concern during a divorce. A former General Electric head gave up his controversial retirement package worth approximately $2.5 million annually after its details appeared in the news during his 2003 divorce.

While many divorcing couples do not have to worry about art collections or multi-million dollar retirement packages, the division of property may still be a concern. For example, if a person is expecting a sizable bonus from work, it may be worthwhile to try delaying it until after the divorce is final.

Marriages that have lasted a long time may have different issues that those of shorter duration. For example, the children of such a marriage might either no longer be minors or might only have a year or two until they turn 18, so child custody issues may be nonexistent or may have input from the child. Older adults may also be more concerned about preserving their retirement accounts. Debts may need to be divided as well. Attorneys for the respective spouses can often assist in negotiations of a property division settlement agreement.