What to Consider When Divorcing After 50
Carlsbad, CA – For those over 50 considering divorce, it may seem like life is coming to an end. In your younger years, if you found your life suddenly upheaved, you could go live with your parents, get a job, then an apartment.
For gray divorcees who fail to possess the boundless energy and zest for life like younger generations, rebounding after your life has been shattered is no easy prospect.
Yet divorces later in life are happening with increasing regularity. To get through this process with your life on track and wits intact, it helps to consider all the considerations and possibilities during divorce after 50, also known as the gray divorce.
Gray Divorce is Not the End
A gray divorce is said to have occurred when one or both spouses exceed 50 years of age, or the marriage has existed for at least 20 years. Experts believe that gray divorces are on the rise because incomes and financial situations have stabilized since the recession.Instead of being stuck in unhappy marriages for fear of losing their homes and businesses, more people of advanced age are willing to break the relationship to start anew.
No matter the cause for gray divorce trends, suddenly there exist an entirely new set of considerations.
What to Consider During Divorce Later in Life
California divorce lawyer John Griffith of Griffith, Young and Lass has experienced an upsurge in older generations divorcing for some time. “A person divorcing later in life often feels scared and confused. Suddenly they face life alone, and that’s not easy for anyone at any age. California family law is positioned to help people regain their footing as quickly as possible following divorce, but there is much to consider during a gray divorce that could make matters complicated fast,” Griffith said.
Retirement Plans & Benefits
When younger people divorce, they often do so with little in the way of retirement plans. Those that do have retirement plans often possess minimal value. For gray divorcees, retirement plan benefits can become the most contested aspect of the divorce case. For this reason, it may help to delay divorce if at all possible until you are retired to avoid such complications.
Division of Assets & Debts
Splitting retirement benefits can be a daunting task, but so is dividing assets and debts. Couples who have been together for decades tend to accumulate a healthy amount of marital or community property. The more assets there are to contend with, the more complicated the divorce process can be.
What assets and debts will be considered? During the divorce process, the assets subject to property division include homes and real estate; investments and business interests; private practices, pensions, and any debts the couple may have incurred while together.
Health & Life Insurance
Health and life insurance are also considerations that don’t typically take center stage in younger divorces. For a gray divorce, life insurance policies will have to be considered, and health insurance or long-term care may no longer be affordable for the spouse who earned less during the marriage. You might want to consider these things before going through the divorce process, as reobtaining health and life insurance following a gray divorce may prove difficult.
Family law dictates that both parties be competent enough to understand his or her own decisions and best interests. If there is reason to believe that a spouse may be suffering from dementia or other cognitive disorders, matters could become complicated.
Move On With the Advice of a Family Law Attorney
If you are considering divorcing your spouse later in life or you’ve just been notified of your pending divorce, get the advice of a trusted and proven California family law attorney.
Griffith said, “Divorcing after 50 can be a frightening prospect, but you don’t have to go it alone. Get an experienced attorney on your side, and you can start fresh with your rights intact and the best possible outcome for your case.”
To learn more, contact John Griffith of Griffith, Young, and Lass, serving San Diego, San Marcos, Escondido, and Carlsbad.
About Griffith, Young & Lass: As California divorce attorneys, the law office of Griffith, Young, and Lass provide expert and compassionate care to get clients the best outcomes for their cases. With years of experience and a proven track record, the family law attorneys at GYL are driven to protect the rights of families throughout the Golden state.
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