Divorce is slowly starting to become more prevalent with older couples—some even well into their 60’s and beyond. Because these couples are typically later in life and own far more in the way of wealth and assets than a younger couple typically would, these cases often have a much greater amount of detail and complexity that must be navigated in order to successfully dissolve the marriage. While these divorces can improve the lives of both spouses dramatically, they are rarely easy and require the skills of an experienced and reputable Rocklin divorce lawyer.
What Does a “Gray Divorce” Involve?
A young couple may have significant assets to their name, but typically due to fewer years of marriage, the process for division is more straightforward and simple. The exact opposite is true for older couples, many of which have been married for many years, or decades even. As a result, these divorces have a large amount of complexity and a number of factors that a younger couple may not have to consider.
- Pensions & Retirement Funds: Due to age and lengthy work history, these may be some of the biggest assets in a gray divorce case; and likewise have perhaps the biggest impact post-divorce as well.
- Social Security: Benefits received from social security by both parties may change significantly after a divorce is finalized, depending on your exact marital situation.
- Estate Plans, Wills & Trusts: Even the most carefully-created and well-constructed estate plan can be ravaged by a divorce, meaning you may want to consider whether it can be amended or you should have it revoked and create a new one.
- Known Health Issues: Many people struggle to maintain good health later in life, which can place a significant financial burden on those who do not have good insurance of strong financial backing, making the terms of a divorce crucial.
- Alimony: Older couples are far more likely to be subjected to larger alimony payments, possibly even on permanent terms due to a lack of ability to support themselves after a finalized divorce.
If you are considering a divorce later in life, it is important to know the challenges that may lie ahead for you before going forward with your decision. Speaking with a skilled attorney from the Law Offices of Keegan & Myers, PC can guide you through this important decision. Should you need divorce representation, we can provide you with more than 25 years of combined experience and the knowledge and ability of a Board Certified Family Law Specialist.
To schedule a consultation for your family law needs, contact the Law Offices of Keegan & Myers, PC today by dialing (916) 634-0067.