The fact that divorce has become more acceptable in recent years may be one of the reasons that couples with long marriages are more frequently calling it quits. Additionally, issues such as empty nest syndrome may be creating voids in the lives of the elderly, leaving couples at odds and finding little in common. A Pennsylvania couple finding themselves in this situation should be proactive as divorce proceedings are initiated.
At an advanced point in a relationship, it can be very difficult to divide marital assets. Material goods like a family home can have major sentimental value, but divorcing couples need to balance their sentimental interests with their long-term financial outlook. As assets are split, fewer may be available to manage and maintain a family home. Downsizing could be a more sensible solution. Additionally, an individual might find that re-positioning to live near children could be helpful for emotional support and other needs.
Trying to survive on less income could present additional challenges to an elderly divorcee. In some cases, there could be a need to return to work, which means that it could be necessary to brush up on certain skills, revamp one's wardrobe, and update a resume. Further, it might be necessary to meet with a financial adviser to ensure that the implications of additional income on Social Security benefits will be understood.
A family law attorney might enlist a financial adviser when assisting a client with property division. Some assets might have greater value than others because of the tax implications involved. For example, retirement accounts funded with pre-tax dollars could hold less value than accounts funded with money that has already been taxed. The attorney might use these details in negotiating the best divorce settlement possible.