Getting divorced later in life may present unique considerations. For instance, high-net-worth couples in their 70s can face specific challenges.
In Virginia, where divorce laws can be complex, understanding these factors is important for a fair and amicable dissolution of marriage.
Financial disclosure and asset division
One of the primary concerns in a high-net-worth divorce is the equitable division of assets. In Virginia, all marital property is subject to equitable distribution. This means fair although not necessarily equal division. Spouses should disclose all assets, including real estate, investments, retirement accounts and businesses. About 795,624 small businesses operate in Virginia.
Alimony and spousal support
In divorces involving older couples, spousal support or alimony may play a major role, especially if one spouse has been financially dependent on the other throughout the marriage. In Virginia, factors such as the duration of the marriage, each spouse’s income and earning capacity and their standard of living during the marriage can influence spousal support. For someone in their 70s who does not work, earning capacity can include the potential for income from investments, rental properties or business interests.
Emotional and social support
Divorce, regardless of age, can be emotionally challenging. Older individuals may face additional stressors such as loneliness or concerns about starting over. Seeking support from friends, family or mental health professionals can help them navigate the emotional complexities of divorce and transition to a new chapter in life.
By addressing these considerations thoughtfully, divorcing spouses can achieve a fair resolution that allows them to move forward with confidence.
