Do you know of a person in their 50’s or above who has divorced a long-time spouse? If you don’t, you probably will soon. That is because the divorce rate for older Americans has risen exponentially in the last several years. Grey divorce is the name for this phenomenon, which describes married couples splitting up after over 20 years together.
A qualified domestic relations order, (QDRO) is part of the asset dividing process during a divorce. As a judicial order, it legally stipulates how retirement and pension plans get divided.
You and your spouse have filed for divorce. The next hurdle you’ll have to overcome is how you are going to tell your kids. By preparing for the conversation that you will have with your kids, you may be able to decrease their anxieties about the divorce and leave them feeling hopeful.
Dividing your assets during a divorce is often complicated. If you happen to be more well-established in life, there can be myriad accounts and properties that you’ll need to reallocate. One area of your assets that may not immediately come to mind, but is of great importance, is your retirement accounts.
By all accounts, it’s surprisingly common for men to hide assets from their wives. In the complex world of today’s finances—with portfolios consisting of homes, rentals and vacation properties, as well as stock options, 401ks and pension plans, life insurance plans and business ownership—it may not even be that difficult to hide assets from you. But during divorce, it is illegal.
Many couples today see the advantage of collaborative divorce, over the traditional litigated divorce. It’s less adversarial, less public, and often less costly.
Divorce makes you look at all you share together as a married couple: finances, assets and … friends?