5 Variables in Divorce
Military – If one spouse or the other is or was in the military…there can be aspects of the divorce agreement that could be different from a civilian divorce (especially regarding benefits, insurance, and such). You’ll want to make sure your attorney/mediator/financial advisor is familiar with all of the particulars related to a military divorce.
Government – Similarly to a military divorce, if either you or your spouse is or has worked for the government, there may be a difference in how assets, benefits, and insurance get divided. It may even be possible to continue some benefits for both individuals after the divorce is finalized. Again, you’ll want to make sure the professionals on your divorce team are aware of the specifics involved with divorce when one person is/was a government employee.
“Grey Divorce” – This is a term that has become more popular in recent years that refers to couples that divorce later in life, usually after any children are grown. The details for these types of divorce are different as they usually don’t involve child support or parenting plans…but, instead may have more of a focus on retirement benefits, long term healthcare issues, or Medicare, etc.
Children – The extra factors that come into play when a couple has children are the most widely known. Parenting plans, custody, child support, and co-parenting issues are all pieces that need to be discussed when developing a divorce agreement for a couple with children. These details can get complex when you factor in things like college, children with disabilities, one parent who’s been out of the workplace for many years, and so forth.
High Net Worth – Couples with a high net worth who end up getting divorced face some financial complications that are unique to that group. Things such as needing to “value” a business, income that is not from a standard “W-2” source, and present/future tax implications all have to be considered when dissolving a marriage with sizeable assets. In this area, especially, experts such as a CDFA (Certified Divorce Financial Analyst) or someone that specializes in business valuations or forensic accounting might be necessary.