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Retirement and divorce can go hand in hand

A growing topic of concern for people over 50 in Georgia and across the United States is divorce, especially close to and after retirement. As older people lead longer lives in greater health, the divorce rate for couples over 50 years of age has grown significantly even while the overall divorce rate for Americans has declined. During the last 20 years, the rate of divorce for couples in this age range has grown continually and is now over 50 percent. With the approach of retirement and an "empty nest" as children leave the family home, one in every four couples divorces after the age of 50.

Asset division can be complicated for entrepreneurs

Business owners going through a divorce in Georgia face particular challenges, both logistically and emotionally. At the end of a marriage, entrepreneurs may find that dividing a family or personal business owned by one or both partners to be incredibly challenging. A company can be subject to inclusion in the division of assets during a divorce, and many entrepreneurs have an emotional as well as a financial connection to their businesses. This is even the case when there are other assets of significant value at stake in the divorce such as real estate, investments and retirement funds.

How tax cuts could impact alimony

If the Tax Cuts and Jobs Act is passed in its current form, Georgia residents and others who make alimony payments may lose a tax deduction. By eliminating that tax break, it may mean more money going to the government and less money going to individuals. Assuming that the alimony deduction is repealed, it would likely have the biggest impact on divorce agreements involving alimony payments entered into after 2017.

There are many common factors that push couples toward divorce

While every situation is different, there are a few common reasons that lead many Georgia couples to divorce. According to the Centers for Disease Control and Prevention, more than one-fifth of couples will have a disruption in their first five years of marriage. This could mean a separation, divorce or widowhood. Over the course of 20 years of marriage, 53 percent of marriages face disruption.

Social factors can influence likelihood of divorce

Georgia couples with busy lives and demanding jobs often feel like they have a significant amount of pressure on their marriage, from the need to stay late at the office, go on frequent business trips or bring their work home at night. However, there are a number of risk factors for divorce that stand out even amid the pressures of a successful career. Keeping them in mind can help couples take small actions to improve their partnership.

Divorce may be unavoidable in some cases

Divorce is not an easy process. It often causes heavy stresses and it can be expensive, in terms of emotion as well as finances. Many Georgia individuals and couples delay the process as long as possible in efforts to avoid these negative effects, but there are certain situations where the only course is to end the marriage. These include circumstances of addiction, abuse or severely poor parenting. Paradoxically, many individuals in such circumstances struggle to recognize them.

Large money transfer by spouse is a warning sign of trouble

Married partners in Georgia generally work out how to share income and pay bills. Many people use a joint bank account, but trouble can arise if one spouse starts to act suspiciously with money. Financial advisers warn people that, even when the law could be on their side, recovering money after a spouse has moved it is always more difficult than preventing its loss.

How divorce can be good for the wallet

In some ways, getting a divorce may be beneficial for Georgia residentslooking to end their marriages. For instance, it may be possible to get better returns on investments as one spouse may have been riskier with a portfolio than the other would have been. It may also provide an individual with an opportunity to reset their financial priorities overall or swap out a house for an affordable apartment.

Calculating the cost of a gray divorce

Older couples in Georgia and other parts of the US might become part of a gray divorce epidemic. While the divorce rate has decreased for most demographics, gray divorces, or those for couples over 50, continue to increase. One of the concerning aspects of gray divorces is how high the cost of these can be.

Divorce has an impact on income tax

Divorce law varies widely from state to state, but federal tax law is uniform across the country. In Georgia and the other states, for example, the Internal Revenue Service considers parties unmarried for the entirety of the year during which the divorce decree was finalized. Among the other ways in which divorce will affect taxes are with regard to alimony, dependents and certain tax breaks.

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