Readers in Washington know that divorce can happen to a couple regardless of the age of the spouses. What they may be surprised to learn is that the number of those over 50 who are seeking to end their marriage in divorce is on the rise. The numbers have grown from just 10 percent of couples in 1990 to 25 percent last year.
Though a divorce can be financially difficult at any age, there may be special consideration for those over 50. Those who have been married for a longer time may have assets, such as a family and/or a vacation home, which can affect on the division of property in a divorce. In addition, retirement assets may be an important property item in negotiations to end a marriage.
For example, when a couple decides to sell their family home as a result of a divorce, tax issues must be considered. The sale of a home can be subject to a capital gains tax, though there are exemptions that can be applied. They are different depending on the marital status of the people selling the home.
Going through a divorce in Washington can be difficult for every couple regardless of their age. However, those who are older may find that they have additional concerns surrounding the family financial issues. To ensure that a fair and equitable division of assets occurs on a divorce, it may do well for a person to review all applicable laws and procedures as they enter the process.