We talked recently about the increase in the divorce rate for baby boomers. While the overall national rate has increased in the past few decades, it doubled for people in their 50s or older between 1990 and 2010. At least one reason for this is that many couples want to be financially secure before they go out on their own. With this financial security, however, come some important financial considerations for timing a divorce.
One financial advisor cautions spouses to be aware of what is going on with their partner's business and personal finances. For example, if someone is about to receive a windfall, whether from taking a company public, receiving a bonus or receiving an inheritance, it is likely best to wait because those assets will become marital property. If a couple co-owns a business that they plan to sell, it's often best not to divorce until after the sale is completed.