Gray divorce is a divorce for spouses who are 50 or older. Gray divorces differ from younger divorces, as these involve spouses that are either already empty nesters or soon will be. This is usually when people start planning what retirement will look like as well. While the spouses may have been able to work together through the other stages of marriage, they may not share the same vision for this time of their lives. While not arguing over children would seemingly make divorce easier, this is not always the case. Spouses in their senior years often face some difficult property division issues.
How will you Provide for Retirement?
Two households cost more than one. Pensions, retirement accounts and even savings, may be community property or a mix of separate property and community property, depending on when the benefits were acquired. t is important that you have acknowledgeable divorce attorney to guide you through the property division so that you get everything you are entitled to and can plan your retirement years accordingly.
Will I Lose My Heath Insurance?
If you are covered under your spouse’s insurance, unless your spouse is a career military member or veteran, you will lose your coverage when the divorce is granted because you will no longer be a “dependent”. While there is nothing that your spouse can do to avoid this outcome, with proper planning you can locate coverage before you lose your health insurance coverage.
What Happens to Property I had Before Marriage
Sometimes one or both spouses enter into the property already owning property. While that property may be separate property it may have a reimbursement claim for benefits it received from the marital estate. These can be a bit tricky and may involve tracing money. It is important that you have an experienced divorce attorney who understands reimbursement claims and mixed assets.
Gray divorce involves a certain amount of planning and structuring because it involves spouses in their senior years. An experienced divorce attorney is critical to making sure that your divorce is done properly so that you can plan for retirement and take care of yourself financially. Robin R.