A lot of attention has been given to the fact that the number of older divorcing couples around the country, and in Utah, has doubled. With this information comes a focus on the difficulties of property division for a couple that has spent decades together. However, older couples are not the only ones who experience challenges when it comes to dividing marital assets.
Younger couples do not have the same amount of assets or time invested together as do older couples. It is important to remember, though, that any married couple’s finances can become intertwined and, hence, the couple becomes dependent on one other. Separating those assets may not be as easy as just filing for divorce. One such example is a man who deeded his portion of the marital home to his now ex-wife, as part of their divorce settlement. However, the couple’s mortgage lender required the wife to apply for a mortgage loan on her own, before they would agree to release the husband.
No one ever plans to get divorced, but when it happens, it becomes crucial for each party to develop a plan to move forward financially. Preparing for the future after a divorce may include anything from purchasing homes and vehicles to opening individual accounts. This may also include changing beneficiaries on insurance policies, retirement accounts or pensions, and coming up with a financial plan to rebuild those accounts in anticipation of retirement.
Making plans for the future is smart whether married or newly single. Being certain that one has funds set aside for retirement, or for just starting over, is always in a person’s best interest. The state of Utah has basic guidelines in place to help couples with their property division issues, many of which can be handled in a courtroom with proper legal assistance.
Source: Forbes, Saving Your Retirement From A Divorce, Greg Brown, Oct. 21, 2013