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'Grey Divorce' increases among older Colorado residents

Colorado residents may have noted the increase among older people who are choosing to file for divorce. Recent divorce actions between Al and Tipper Gore and Danny DeVito and Rhea Perlman show this trend within celebrity culture, and it can be found within our own social circles, as well. When older couples seek a divorce, they face a set of issues that are different from their younger counterparts. This leads to the need for a different approach when it comes to divorce negotiations.

Among the issues that become more complicated as people age are aspects of property division. Older people often have accumulated more assets throughout their lives than a couple in their 30s or 40s. Furthermore, those assets may take different forms. For example, many older people will have amassed investment or retirement accounts that will come into play during a divorce. On the flip side, most will not have to deal with child custody or support negotiations.

Perhaps the best advice for older couples who are considering divorce is to take stock of the current state of financial affairs within the marriage. This includes making a list of all familial assets, as well as any outstanding debt. By knowing where one stands at the onset of a divorce, it is easier to make solid financial decisions throughout the process.

In addition, budgeting becomes more important in the period leading to and following a Colorado divorce. It is very important to know what one's costs of living will be after the split, in order to ensure that there is sufficient income available to cover the basics. By moving forward with a clear understanding of one's future financial picture, each party can seek out a new life with the highest level of financial security possible.

Source: The Huffington Post, "Coping With A Grey Divorce," Lubov Stark, Nov. 20, 2012

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