Divorce: You’re Hot, Let’s Do It
Divorce is hot. Haven’t had it yet? Don’t worry, like sex for teens, it’s becoming a rite of passage for boomers. It’s even sexy enough for CNBC to air a special about it. Are we in a bubble yet?
- Divorce rate skyrockets among baby boomers
- An uninformed or unfair property settlement can mean hardship
- Valuing assets always tricky, especially for emotionally overwrought
- Copy this link to share with friends: http://bit.ly/dZaJkX
Marry in Haste, Repent at Your Leisure
According to SmartMoney, the divorce rate has doubled for the 50+ set in the last two decades. This can be laid off to boomers’ marriage bug, or just to some deep collective personality flaw (which are not mutually exclusive). Either way (or both), the article provides three tips for the morning after. Strange, but they all have something to do with money.
So watch out for taxes. Truth be told I’ve heard all divorce lawyers aren’t created equal when it comes to the tax consequences of divorce, or the effect of latent tax liabilities on valuation. Valuing future income streams like social security benefits and even alimony can be tricky too. Then there’s the (grown) kids. Aren’t they old enough to take care of themselves already?
Divorce is big business now too. Witness "divorce insurance" and divorce litigation funding (which is a fantastic niche). Litigation funding firms are coming under closer scrutiny recently. It’s a relatively new and unregulated business. But deep pockets will up the ante in divorce cases. What it all goes to show is aspirational betrotheds really should have a prenup. Why mature adults having a second go would do without is beyond me.
Related Apps for Your Smartphone*
*Please note that these apps are for informational purposes only, and neither LexisNexis nor Lawyers.com endorses these apps or accepts liability for their use.
- Learn more about family law on Lawyers.com
- Find a family law attorney on Lawyers.com
- Discuss your community issue on our Family Law Forums
- Lawyers.com Suggested Legal Books
- Did this article help you? If so, please consider sharing it with your friends and encourage them to become a fan of Lawyers.com on Facebook. Or follow us on Twitter to retweet to your friends/followers.
- Download the Lawyers.com app for the iPhone or access the site on your smartphone