Divorce: You’re Hot, Let’s Do It

Posted March 30, 2011 in Your Family & The Law by Arthur Buono
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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
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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*

- The Knot – mobile wedding checklist. Registration required
- Divorce Apps "Cost & Prep" – are you ready to break the big news to your spouse? Maybe check all the hidden costs first. $.99

*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.

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