Grey divorce has become increasingly common over the last several years. Couples who have been together for decades and have adult children are choosing to go their separate ways. Many Massachusetts residents are discovering that what they believed should have been a very simple divorce can easily turn into a high asset divorce due to their years of acquiring assets.
An individual’s retirement is one of the things that may be greatly impacted by a grey divorce. Many retirement accounts, like individual accounts or 401k accounts, are divided between the two former spouses. Other accounts, like an IRA, may also be divided amongst former spouses.
Unfortunately, the division of these assets can be very costly. These costs may increase substantially if the couple is required to correct mistakes made while attempting to divide the assets. Older couples may also suffer greater financial strain after the divorce if one or both former spouses are no longer working. These couples may rely entirely on their retirement accounts or other sources of savings.
A high asset divorce can be incredibly stressful for the people involved, especially if those people are older and no longer have a source of income outside of their retirement accounts. It is also possible that couples may be unaware of exactly how many assets they have accumulated over the years and how many of those assets can be divided in a divorce. Massachusetts couples who are seeking a divorce could benefit from consulting with an attorney in their area. Lawyers can help each of the spouses to communicate effectively throughout the divorce process.
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