There are baby boomers living in states all over the country, from Colorado to the east coast and everywhere in between. While some couples in this age group will stay together until the day they die, others begin to contemplate divorce at some point.
The baby boomer divorce rate is increasing, meaning that more of these people have to deal with a variety of issues later in life. Many of these divorce issues are related to finances.
There is no denying that a divorce at any point can be challenging, however, when this happens in retirement or when the couple is closing in on this date, it can result in financial insecurity. Not only does the couple have to divide assets, but they must also deal with the transition they are about to face in the near future.
The best thing people in this position can do is take a snapshot of their current financial situation. From there, it is time to face the reality that is property division. Questions such as who is going to keep the house will come to the forefront at some point. The person who is not keeping the home needs to take steps, such as having his or her name removed from the deed.
No two divorces are the same, so it is hard to know exactly what to plan for if you are faced with this situation as a baby boomer. The best thing you can do is come to grips with the fact that there are going to be divorce issues that need to be worked out. This will prepare you for anything that comes your way.
Source: Fox Business, "Divorcing Baby Boomers: How to Get a Financial Grip" Donna Fuscaldo, Apr. 30, 2014