In recent years, more and more people in their 50s or 60s have ended their marriages. These so-called gray divorces are evidence of shifting cultural attitudes about the purpose and necessity of marriage. They can help people lead fulfilling final chapters to their lives. However, they can also have a profound impact on the ability of people to retire as planned.
Divorce looks very different depending on how long you've been married and what kind of assets you and your spouse amassed during your time together. Whereas a young couple with few assets between them may not find it difficult to reach a fair property division agreement, a couple who divorces later in life, such as their 50s, probably faces a significantly different situation.
Many states have adopted "no-fault" divorces. In these divorces, both parties agree that the marriage is not salvageable, but the courts consider neither party to be responsible for the dissolution of the union. This allows for couples to quickly divorce without proving someone did something wrong. Even in cases of adultery and physical abuse, many people still choose no-fault divorces because it is faster to divorce when you don't have to prove to the courts why you should be allowed to divorce. Unfortunately for those living in Arkansas, the state does not currently allow for no-fault divorces.
When you are thinking about marriage, it is only natural to think about divorce as well. Some people take steps to protect their assets before they get married by creating prenuptial agreements. Other couples create postnuptial agreements after they get married in order to protect their interests. Others, however, are creating financial trusts.