With divorce on the rise for baby boomers most couples focus on custody while others focus on protecting their finances and assets. People should focus on protecting their pensions, social security benefits and other assets. There are actually several ways that baby boomers can protect their assets that you might not know about and the one major thing is simply staying together.
While pretty much all assets would normally be split 50/50 in the event of a divorce the government and financial institutions will also get their share. This is because the government taxes the withdraws as income and early withdraw penalties are also processed by the financial institutions. Since baby boomers are getting divorced at an increasing rate they are making financial institutions money along with the government who taxes everything as income. Perhaps it might be better to stay married and live separate lives away from each-other since the fees and taxes will cost you a small fortune.
However most of the baby boomers are divorcing because of financial unrest and problems caused by stress. Does divorcing really solve the financial problems or does it make it worse? It very well could make it a lot worse and the already high stress levels in society today for baby boomers will also become higher. Divorce may seem like the easy solution but it will surely cost you more in the long run, including years off your life because the stress levels will only increase.