Being a child of a divorce is different for everyone, and it can be easy to believe it will get easier as your parents get older and you become an adult, but that may not always be the case. When Colorado parents become unable to care for themselves, it often falls to their children to take care of their estate and plan for their health - a task that can be made that much more difficult when the parents are no longer together. Recent studies have shown that more and more couples over 50 are getting divorced recently, in fact the number has doubled in the last twenty years. So what is an adult to do when both parents want their time and help?
There are some ways to get through this difficult situation of caring for two different parents or, sometimes, sets of parents. One thing an adult planning for their parents' separate estates could do is to begin as soon as possible: talking about long-term insurance for their health and care; looking into how a reverse mortgage may be able to help; and discussing these options with both your parents and all who will be affected can help the planning process be more secure.
The moment when you realize that at some point in your life your parents will no longer be able to care for themselves can be very scary and daunting. It's understandable to want to run from the new responsibilities, but working with both parents respectively while they're still able to make these choices can help diminish that daunting feeling. They may have set something up in their divorce to make the steps easier for you.
Colorado residents who are finding themselves in this situation and trying to understand what it will be like to manage two estates instead of one could look into the laws surrounding executors and estate planning. Contacting lawyers who specialize in family law can help to move things forward and come to an appropriate agreement about both parents' possessions.
Source: Reuters, "Double the trouble when divorced parents get old," Chris Taylor, Oct. 19, 2012.
· Our Family Law firm handles cases regarding divorce and asset division. To learn more, visit the Family Law page on our website.