For any individual who is approaching retirement age, ensuring for one's future financial security is often top-of-mind. While many individuals who have invested wisely likely have sizable retirement savings, a later-in-life divorce can complicate and inhibit one's retirement plans.
Many wealthy married couples in Massachusetts take the time to establish a comprehensive estate plan. Via estate planning, a couple can provide clear directives regarding end-of-life decisions related to the distribution of assets. A couple can also establish one or more trusts, account for long-term care matters and name beneficiaries for financial and retirement accounts. In cases where a couple subsequently divorces, it's important to update an estate plan accordingly.
Even in cases where spouses agree that it's time to call it quits and are on good terms, getting divorced is never an easy or pleasant process. This is especially true when a couple has a considerable amount of wealth, as sorting out matters related to dividing assets, what to do with real estate and whether to keep or sell property can quickly become overwhelming and contentious. Add in other highly emotional divorce-related issues like child custody and visitation, dividing personal belongings and family pets, and it's easy to understand why some complex divorces take years to settle.
Divorce is much more than simply choosing to no longer live together. It entails the untangling of an individual's personal and financial lives from that of a spouse and can therefore become exceptionally complicated. This is especially true in cases where a couple was married for many years and has amassed a considerable amount of wealth.