All divorces are not equal. A host of factors such as finances, children, or the state the couple lives in affect how attorneys should handle divorce negotiations. Recent studies show that so called “gray divorce” — divorce among couples over the age of 50 — is twice as common as it was twenty years ago, and gray divorce carries its own set of problems. Easysoft’s Divorce Financials software is flexible enough to allow attorneys to customize the settlement to the couple’s needs. Here are a couple of challenges common to gray divorce.
I Don’t Want The House!
Couples often fight bitterly over who gets to keep the family home, but older couples may fight to get rid of it. A house can be a burden to someone nearing retirement. It is hard for older people to maintain a large home and many people downsize once the kids are grown. The obvious solution is to sell the house and divide the proceeds, but in a flat market with an underwater mortgage that may not be a realistic option.
On the other hand be careful that your client is not so quick to dump the house that an opportunity is missed. Real estate prices are soaring in many areas. Holding onto a house for a few years can have a huge financial benefit. It might even be worth valuing the house higher than its current assessment in the divorce legal software to get a fair settlement.
Expenses For Grown Children
Child support isn’t usually an issue when the children are grown and moved out, but that doesn’t mean there won’t be expenses. Adult children who are seeking higher education, getting married or looking for houses of their own often lean on their parents for financial support. Most parents don’t want to come out of a divorce so financially devastated that they can’t help their children.
When there are known expenses on the horizon then it may be a good plan to come to an agreement during the divorce negotiations rather than waiting until later. If Junior has already been accepted to Harvard then the parents can agree how those costs will be divided just as they are deciding how to parcel out their assets and debts.
Divorce Financials is designed to be versatile enough to be the only tool needed by attorneys. Contact us to find out more about how Divorce Financials can streamline divorce settlement negotiations.