Previously it was almost unheard of for a couple to divorce after 30, 40 or 50 years of marriage, but that’s no longer the case. It is also much more common for people to be in a second or third marriage by the time they approach retirement age.
Like it or not, many professionals refer to mature people ending their marriages as “gray divorce”. Not the most flattering way to put it, but we hear the term more and more. For many people in the 50+ age bracket, their children are grown adults and may be out of the house with families of their own by this juncture.
When a couple grows apart after many years together, there are still a lot of special considerations that have to be taken into account. Special concerns that you want to talk to your attorney about if you are over 50 and considering a divorce include:
- Calculation and division of marital interests in real estate
- Determining the value of marital interests in closely-held or family businesses or professional practices and how to divide them
- Tracing and verifying a party’s non-marital contributions to real and personal property or business assets
- Calculation and division of marital interests in retirement/pension funds
- A long term marriage is going to have a greater potential for one of the parties to make a substantial claim for maintenance/spousal support.
- Changes to your life insurance policies, estate planning, trusts, etc.
- Planning for a party’s long-term care in the event of disability.
If you find yourself in this situation, it is important to remember that you are not alone, and that the attorneys at HP Law, PLLC have years of experience in helping clients navigate these difficult waters.
We will be happy to talk to you about your legal options if you are over 50 and contemplating a divorce. Call us today at 502-583-2005.