Dealing with Financial Issues When You Divorce Later in Life

In recent years, the percentage of individuals over the age of 50 who are going through a divorce has been on an upward trend. When you consult a divorce lawyer later in life, there are significant financial issues you should consider. Your family law attorney near Pikesville may recommend that you consult a financial planner regarding the tax consequences of any assets you might receive. Your family attorney may also recommend that you consider the possible effect of the divorce on your healthcare plan.

You can hear more factors to consider by watching this video or consulting your family lawyer. This video advises viewers to review their estate planning documents, since it’s likely that divorced spouses will need to change their beneficiaries, create separate wills, and establish separate trusts.