Couples over the age of 50 thinking about dissolving their marriage may find that mediation offers a smoother alternative to a traditional divorce. Senior individuals ready to go their separate ways may untangle their assets quickly without the input of a divorce court judge.
As noted in a checklist published by the AARP, soon-to-be ex-spouses may wish to consider discussing certain financial and property issues before ending their relationship. A divorce may require adjusting retirement plans and ways to leave property to adult children.
Some important financial issues to negotiate
Mediation may require reviewing statements of shared financial accounts to work out a strategy for dividing their balances. A stock brokerage account may require selling any remaining securities and splitting the profits fairly.
A large portion of a couple’s wealth often comes from their home’s equity. If one spouse cannot maintain the property on his or her own, it may make sense to sell it. Couples may decide to list their home with a realtor and divide the after-tax sale proceeds.
Discussions must follow Virginia’s divorce requirements
As explained by SmartAsset.com, Virginia’s divorce laws require couples to divide their marital assets fairly. Each spouse, however, may consider fairness in his or her own way. Individuals may “trade” cash, assets and properties between them as part of their discussion sessions. So long as assets divide fairly, a couple’s negotiated division falls within the Old Dominion State’s standards.
Mediation offers individuals an opportunity to negotiate an outcome that provides for their lifelong comfort instead of allowing a divorce court to decide. Two spouses and their legal representatives may work out an amicable arrangement and without undue stress. After completing their discussions and agreeing on the details, a divorce court judge may approve and sign the decree.