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How Assets Get Divided While Older Couples Opt For Divorce

Divorce of older couples has risen in Australia as the latest data of Australian Bureau of Statistics show the divorcees’ average age has raised during the last 25 years. In 1990, the average age of the female divorcees was 32 while the average age of the male divorcees was 34. This compares to 42 for women and 44 for men in 2013.

The rate of divorce for people in their 30s and 40s has declined, but it has leaped for those who are 50 and older. The tendency is similar to rising age of brides and grooms. Divorcing afterwards in life is becoming more frequent. As more and more number of older couples is divorcing, they fall in a more difficult financial situation than their younger counterparts.

Dividing debts and assets is always hard, but as people grow older their years of earning go away, they evidently suffer more and are more cynical about how they will economically get better from divorce in comparison with those who still possess a lengthy career facing them.

As regards children, older divorcees no longer need to be anxious of supplying daily funds for their children or confront horrible courtroom fights over guardianship and child protection.

The largest assets to split are the family home and superannuation. The Family Court can assist couples in dividing superannuation through a formal written agreement, consent order or if no arrangement can be mad, through a court order. Frequently, there is more anguish mixed up in arriving at a settlement for the family home. Both partners can grab the chance to economize or alternately, one partner can buy out the other to maintain the family home. Both choices have grave financial risks.

These days property market is upbeat, and prices of properties are very high – so people in their 50s and 60s are comfortable selling their family home, investing the money in superannuation and getting an income from super. Purchasing another property is not advisable, particularly when both the partners have no income or ability to earn and repay the debt. When they liquidate assets, it helps avoid being asset rich and cash poor after retirement. You wish to have a stream of income with which you can live for the next 20 to 30 years and that is more crucial than purchasing the family home.

Also, problems can come up if one partner has been managing the finances of the couple or has been the main earning partner all through the marriage. Wives who have passed 20 years looking after children and husbands who have passed the same time with a full time job is the frequent state of affairs for divorces of older people today.

This implies that certain women possibly will not have a complete understanding of the finances of the family and some men possess a sense of over-entitlement to the assets of the couple.

It is essential to aware of the location where documents connecting to bank accounts, home loans, superannuation and insurance are kept. If the couple cannot find these documents or they cannot reach amicable terms, it possibly will be proper to look for assistance from a financial or legal expert.

If you are in need of legal advice, please do not hesitate to contact Divorce Lawyers Adelaide.