A gray divorce, which involves spouses over the age of 50, is unlike most other divorces, given the unique issues older individuals face. If you are over the age of 50, you are closer to the age of retirement and, unlike younger individuals, you will not be able to financially bounce back as easily. Therefore, divorcing later in life is substantially more complex and requires the experienced legal guidance of an attorney. Otherwise, your future might take a major hit and your golden years will not be so bright.
Unique Gray Divorce Issues
Generally, the most complex aspect of a gray divorce is the couple’s finances, particularly when it comes to dividing retirement accounts and pension plans. However, these are not the only factors that can complicate a gray divorce.
Here are some of the other financial concerns you should be aware of if you are going through a gray divorce:
- Determining alimony might not be straightforward: The spouse who pays alimony will likely have more complex compensation compared to when he or she was first hired. In addition to base pay, there might be other perks, including bonuses, stock options, and travel allowances, which will all affect the amount that a spouse is ordered to pay in alimony.
- Dividing Social Security: For spouses who were married for at least 10 years before the divorce, are at least 62 years of age, and remain unmarried after their divorce, they may be able to collect on their former spouse’s Social Security benefits.
- Collecting on a life insurance policy: If you are the spouse who is ordered to pay alimony, you will also be required to obtain life insurance for a term equal to the duration and amount of alimony agreed to in the divorce decree.
- Dividing retirement assets: For retirement plans and corporate pension plans, obtaining a QDRO will help you successfully divide these assets without incurring any penalties. However, some government pensions are more complex and might not be as easy to divvy up or value compared to corporate plans.
For individuals who are closer to the age of retirement, the financial implications of getting a divorce at this age might keep them in the workforce longer. If you adjust your lifestyle and budget, taking these financial issues into account, it may be possible to stick to your original retirement plans.
Contact a Knowledgeable Divorce Attorney Today!
Gray divorces can be more complicated and tend to have a considerable impact on the futures of those involved. At Myers Family Law, our divorce attorneys have more than 25 years of collective legal experience and are committed to helping clients navigate what is undoubtedly one of the most difficult experiences they will ever endure. Safeguard your future by securing top-notch representation that will make a difference in your life.
Call our law office today at (916) 634-0067 to schedule a low-cost 30-minute case evaluation with one of our knowledgeable and compassionate divorce attorneys!