The fact that financial challenges can affect marriages is nothing new; some married individuals with student loan debt said that the debt was a factor in the dissolution of their marriage. Indiana residents may be interested in learning how to manage their investments through divorce.
Divorce rates are falling for younger people. However, gray divorce, which is divorce among people 50 years of age or older, has doubled since the 1990s. The divorce rate for those 65 years of age and older has tripled since the 1990s. Divorce for older couples can have an even larger financial impact than it does for younger couples because older people are already into retirement.
One investment management technique that individuals should remember when entering into divorce is to update their account beneficiaries. Failure to do this could mean that a person’s ex-spouse becomes the beneficiary of their investment accounts. It may require bit of effort. However, removing an ex-spouse as a beneficiary can help avoid messy situations after divorce.
Prior to divorce, it may be a good idea to get access to investment accounts. In many households, the family divides up tasks. One spouse may be responsible for managing the accounts, so they have access to all of the investment information. During a divorce, the spouse who does not have access to that information should make sure that they get it.
A person who is interested in divorce may have a lot of questions about what the law says when it comes to dividing assets and distributing joint investments. A family law attorney may be able to sit down with their client and help them understand laws related to finance, property division and valuation of assets. They may also be able to assist their client with other practical matters related to divorce.