In recent years, the number of divorces with older couples, known as “gray divorces,” has risen dramatically. If you are considering pursuing one of these divorce options, there is a chance it could dramatically improve your quality of life for your later years.
However, many people are unaware of what must be considered in a gray divorce. In many cases, a couple entering a gray divorce will have been married for several decades, a factor that courts take into consideration when making several important awards. Let’s look at some of these important factors to consider:
- Retirement funds & accounts: Pensions and other financial accounts are usually much more sizeable with older couples due to a lifetime of work. In a divorce, they will have to be split, and this may place your financial security into jeopardy.
- Social security: Your standing with social security may change if you become divorced, resulting in a change to your benefits, also weakening your financial status.
- Estate plans, wills & trusts: If you have been prudent in preparing for the future of your assets, a divorce may cause you to need to either heavily modify or completely re-draft your estate plan to reflect your life’s changes, adding significant legal expenses to your proceedings.
- Health issues: Many people need to see a doctor more frequently later in life, making medical coverage vitally important. A divorce can change your coverage status, which must be considered before entering proceedings.
- Alimony or maintenance: The longer a couple has been married, the stronger the chance that spousal maintenance or alimony will be awarded. Additionally, there’s a stronger chance that a permanent alimony solution will be granted, due to age or health possibly preventing the ability to work after a divorce.
If you and your spouse are considering pursuing a “gray divorce,” the assistance of an Orange County divorce mediator from Alternative Divorce Solutions can help you and your spouse come to a mutually beneficial agreement quicker and with less emotional stress. Attorney-Mediator Lani Baron has assisted couples with finding peaceful resolutions to their divorce needs for over 10 years, and may be able to help you ease into the next step of your lives.
Call Alternative Divorce Solutions today at (949) 558-2624 and get a free initial consultation for your needs.