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Addressing divorce retirement issues through collaborative law

There are many long-term impacts that a divorce can have. For example, a divorce can have major impacts on a person's retirement situation, as it can end up influencing what sort of retirement assets, like retirement savings accounts, they end up with. Potential retirement effects are something that older divorcing couples may be particularly concerned about, given that, for them, retirement isn't some far off thing but something that may soon be a reality for them. 

Thus, one big worry that older individuals may have going into a divorce is that the divorce will leave them with not enough retirement assets to be in a strong financial position in their retirement. Thus, retirement-account-related issues in divorces of older couples (sometimes called gray divorces) can sometimes be emotional and intimidating. Consequently, such issues could rather easily become major points of contention in a gray divorce.  

Protracted legal battles over retirement accounts and other assets in a divorce can end up being quite expensive. Having such big expenses can sometimes be a difficult thing when retirement is around the corner. 

Thus, avoiding the contentious route and trying to reach resolutions regarding retirement assets and other matters in a divorce in an amicable fashion is something that many older divorcing couples may desire. This might be why older couples make up quite a few of the couples that turn to collaborative law when divorcing. 

Collaborative divorces put a focus on open communication and cooperation and are aimed at helping divorcing couples find ways to reach mutually-acceptable resolutions to divorce issues without having to turn to litigation.

If an older individual who is getting divorced is wondering if a collaborative law approach might be the right approach for their divorce, they should consider talking the matter over with a divorce attorney knowledgeable in collaborative law. 

Source: Chicago Tribune, "How divorce after 50 may affect your retirement savings," Janet Kidd Stewart, Feb. 2, 2015

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