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Why late-in-life divorces can cost so much

| Oct 4, 2017 | Divorce

It isn’t unusual for older couples in Minnesota to get divorced. Their reasons vary but may include the fact that some empty nesters find they have little in common after their children are grown. Regardless of the reason, they often have unique concerns when their marriage comes to an end.

There are two primary reasons that older couples may have more complex divorce considerations. The first is that couples who have been married for a long time often have more assets that need to be divided. The second concern is that older individuals may be at or near retirement age and do not have a lot of time to rebound financially.

Unfortunately, these considerations can sometimes lead to acrimonious divorce proceedings that can cost tens of thousands of dollars. Legal fees and court costs can eat into what the couple has worked for all their lives, further destabilizing the finances of both parties.

To avoid emotional distress and financial loss, many couples opt to seek professional advice from the time they decide that their marriage is over. A financial planner may be of assistance in determining the exact value of all assets and debts. From there, an experienced mediator may be able to assist the couple in negotiating a fair settlement.

Another consideration is hiring experienced family law attorneys. They can review the client’s case and make recommendations pertaining to late-life divorce, particularly with regard to property division and spousal maintenance. An attorney may also be able to work with other professionals, such as financial experts and mediators, in order to facilitate a quick, fair and affordable divorce.

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