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Wilkes Barre Family Law Blog

Divorce and your mortgage

There is nothing simple about divorce. Whether you have been together for five years or 25, the process of splitting assets and dividing your life can be a huge headache without the right help. Per the Centers for Disease Control and Prevention, over 800,000 couples in the United States filed for divorce in 2014. Because close to 60 percent of the population also owns a home, this makes for tough financial decisions for couples ending their marriage.

 

How to divide retirement assets in divorce

Divorcing when you are young is fraught with complications such as children's schedules, student loans and child support. While these decisions may be difficult to navigate, divorcing when you are older has its own challenges. Retirement accounts, social security and pension plans will all need to be divided, something that can be impossible to determine on your own. Forbes states that, with 25 percent of all divorces now occurring in couples who are over age 50, this issue is becoming more and more prominent. There are several things you need to know if you are nearing retirement and divorce at the same time.