Legal and Financial Issues to Consider in a Gray Divorce

 Posted on April 22, 2021 in Divorce

While couples can get divorced at any age, people over the age of 50 are one demographic that has seen large increases in divorce rates over the past few decades. There are a variety of reasons for the rise in “gray divorce” cases, including a higher likelihood of financial autonomy for women, the ease of finding new partners through online dating, and an increased social and religious acceptance of divorce. Whether a couple has been married for a long time or has a high net worth, they may need to address some unique issues in a gray divorce that may not necessarily apply for younger couples.

Divorce Issues for Spouses Over 50

Some of the unique concerns that couples may face in a gray divorce include:

• Child-related issues - Older couples may not necessarily need to address issues related to child custody or child support, since any children they have are likely to have reached adulthood. However, they may need to update their estate planning documents to address any decisions made about inheritances received by their children following the death of either spouse.
• Property division - Complex property litigation may be needed to address the assets a couple has accumulated during their marriage. The family home and any other real estate property will need to be properly valued to determine how it will be divided. Couples may also need to address assets like vehicles, valuables such as artwork or jewelry, and financial accounts or investments.
• Retirement - Spouses over the age of 50 will likely be concerned about whether they will be able to retire as planned. Any retirement savings or pension benefits that either spouse earned during their marriage will need to be divided along with other marital property, and in most cases, a qualified domestic relations order (QDRO) can be used to do so. It is also important to understand that a person can receive Social Security benefits through their ex-spouse, and this may be helpful for those who did not work or earned less than their spouse during their marriage.
• Spousal support - Following a marriage of at least 10 years, one spouse will usually be eligible to receive support payments from their ex-spouse if they do not have the means to fully support themselves. If a couple was married between 20 and 30 years, spousal support will usually be paid for up to seven years, and for marriages of more than 30 years, spousal support may be paid for up to 10 years.

Contact Our Austin Gray Divorce Lawyers

If you are over the age of 50, you may need to address multiple different types of financial issues during your divorce, and you will want to understand your rights and your legal options. At Powers and Kerr, LLC, we can provide you with the legal representation you need, and we will help you negotiate a settlement that will allow you to maintain success throughout the rest of your life. For dedicated legal help, contact our Austin, TX high asset divorce attorneys at 512-610-6199.

Sources:

https://www.businessinsider.com/gray-divorce-attorney-insights-separation-when-older

https://www.kiplinger.com/article/retirement/t065-c032-s014-the-rise-of-gray-divorce-why-and-why-not.html

https://www.forbes.com/sites/margueritacheng/2019/02/26/grey-divorce-its-reasons-its-implications/?sh=7a446bb74acd