Although many people think of the typical divorcing couple as young to perhaps middle-aged, in recent years, more older people are deciding to end their marriage. According to statistics, the rate of older adults divorcing has increased significantly, prompting a special term for this situation: "gray divorce." The trend may be due to greater financial independence of women in recent generations, empty-nest syndrome or other factors, but whatever the reason, Massachusetts couples making this decision later in life need to be aware of the potential effects of the divorce on their retirement plans.
Most Massachusetts couples who are about to begin or are already involved in the process of separating likely know they have a challenging path ahead of them before they see the end of their marriage. As divorce is often a process that is already fraught with tension and can be costly, they are smart to become as informed as possible in advance of any issues that may arise. Several experts offer advice to help divorcing individuals avoid potential pitfalls along the way.
Divorcing Massachusetts couples know they will need to make a number of significant decisions on the way to dissolving their union, including division of assets between the two parties. When asked by their attorney to list all assets, most people will easily remember to include the marital home, investments, bank accounts and the like. However, the divorce process is typically an emotional and difficult time; therefore, some assets that hold monetary or sentimental value may be easily forgotten.
Most Massachusetts residents know that honesty is the best option, especially in the case of a serious error or accident. Unfortunately, not everyone follows this line of thought. This seems to be the case following a recent hit-and-run accident involving a car and a pedestrian, in which the pedestrian suffered significant personal injury and the driver later allegedly attempted to mislead investigators.