When an older couple in Michigan divorces, their concerns are often different from those of couples who divorce at a younger age. For example, there may be significant concern about splitting retirement funds and ensuring that both spouses can maintain their standard of living in the future.
Because older couples have had the opportunity to save and invest more, they may be more likely to be faced with a high-asset divorce. In some cases, this may require special planning and assistance from legal and financial experts who can evaluate a couple's assets, including retirement plans and investments.
It is important for separating couples to evaluate paperwork regarding all of their assets and accounts. After a divorce, the spouses may individually decide to change beneficiaries on insurance policies and other financial products. If this doesn't happen, the distribution of funds may not happen in accordance with the policy holder's wishes.
Many older couples have often accumulated more personal property than younger couples. Some individuals may find it difficult to part with personal property such as a beloved family home. This can sometimes create tension in a divorce if there is a dispute over the property.
Since older individuals may find it difficult to recover financially after a divorce, they may benefit from speaking with an experienced family law attorney. The lawyer may be able to review the client's financial situation and make recommendations on appropriate property division and other issues. An attorney may also help facilitate an amicable end to a marriage.