Cindy Allen & Associates PLLC

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Facing the end of a lengthy marriage

These days, it is not uncommon for those in Oklahoma and elsewhere to divorce after 20 or 30 years of marriage. In some cases, a married couple realizes after the kids are gone that they are no longer compatible. In others, one spouse may find another companion, which leaves the other no choice but to ask for a divorce. In 2014, divorce was twice as common for those 50 or older compared to 1990.

This was according to the National Center for Family and Marriage Research at Bowling Green State University. While a so-called "gray divorce" may be more common these days, it can still have a tremendous impact on a person's life. Those going through a divorce are urged to take stock of how such an event may impact their finances. It may be a good idea to create a cash flow statement as well as an inventory of assets and liabilities.

While an individual may place sentimental value on a home, it may be best to sell it and split the proceeds with the other spouse. Those who get divorced later in life may also want to consider finding part-time work to help support themselves.

Those who are thinking about getting a divorce after many years of marriage may wish to consult with an attorney. Legal counsel may be able to help an individual learn more about asset division or work with forensic accountants to find potentially hidden assets. This may make it easier for an individual to get his or her full share of marital property. An attorney may also help an individual obtain spousal support after a lengthy marriage.

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