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Divorcing later in life can present unique challenges

Georgia residents may have heard in the news that actor Danny DeVito and his wife Rhea Perlman have decided to end their marriage after 30 years together. Joe and Tina Simpson, parents of singer Jessica Simpson, recently ended their marriage after 34 years together.

These celebrities are a part of a new trend in which couples who have been together for decades decide to go their separate ways. Going through a divorce can be challenging at any point in a person's life. However, going through a divorce after many years together can present some unique challenges.

Older couples often do not have to worry about child support or child custody, but they must determine how to split their valuable assets that they have collected together over many years. Pensions and 401ks become particularly important as couples near retirement.

Before couples begin the divorce process, it is wise for both parties to understand their finances, even couples who are in a happy marriage. Each spouse should know what expenses they are responsible for and how those expenses are paid.

As couples are going through a divorce, it is often beneficial for each spouse to plan for the future and create a budget. Meeting with a financial planner may also be wise. Updating estate plans is also important to ensure an individual's wishes are carried out even in death.

Beginning the divorce process can be overwhelming. People may be faced with many unknowns. However, an experienced family law attorney can guide people through the process and work to find solutions that are fair and equitable for everyone involved.

Source: The Huffington Post, "Coping With A Grey Divorce," Lubov Stark, Nov. 20, 2012

Our firm works with people throughout the divorce process. For more information, please visit our Gwinnett County divorce page.

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