The number of couples under 50-years-old who are ending their marriages have leveled off over recent years. However, the divorce rate for spouses over the age of 50 has more than doubled since 1994. Unique issues are present in any given "grey" divorce, especially with property division and what these couples face after their marriages end.
Amazon's billionaire CEO Jeff Bezos and his wife recently announced their divorce and it may be very costly. Their state of residence is Washington which, like Louisiana, is a community property state where the couple equally splits any assets earned during their marriage. Because he did not have a prenuptial agreement, property division may cost Bezos half of his $136 billion fortune.
Louisiana spouses in a second marriage can benefit from the lessons they learned from their first divorce. A prenuptial agreement can incorporate this experience and serve as an insurance policy to help resolve property division and other issues if the second marriage fails. This is especially true for couples over 50-years-old.
The law has not kept up with the love and devotion that families have for their pets. In Louisiana and 47 other states, ownership of the dog or cat is decided as property division instead of custody. Couples, however, can deal with these outdated practices.
Before a couple gets married, they should engage in an unromantic but important conversation about their finances and explore whether they should enter into a prenuptial agreement. These agreements help prevent some of the major causes of divorce and protect their rights during property division, if their marriage ends in a divorce.
Louisiana recognizes community property rights for married people, which means, generally speaking, that all of the property that people acquire after they have wed their spouses is considered equally owned by both of the partners to the marriage. Marital property is property that is owned by both individuals in a marriage and is subject to property division if they divorce.
Relationships and lifestyle during marriage can have an impact during divorce and require additional vigilance when the coupe undergoes property division. This has become apparent for spouses, particularly men, who end their marriages after they turn 50.