What Are the Challenges of a Gray Divorce?
How Divorce After 50 Can Be More Complex
While many couples marry with the intent of growing old together, several find that, as they age, their interests and life goals are pulling them in different directions.
“Gray divorce” is a popular term used to describe the growing number of couples over 50 filing for divorce. While the legal process of dissolving the marriage is the same for pairs of all ages, the considerations and challenges vary greatly.
Identifying Premarital Assets
When a couple divorces after several years of marriage, it becomes difficult to separate personal and marital assets. The lives of both spouses become so intertwined that the two often have trouble recalling which property is theirs alone, as both have become so accustomed to having it in their life. Such challenges necessitate careful asset division.
Social Security
Couples divorcing so close to retirement need to pay extra attention to the timing of their dissolution of marriage. If one spouse is hoping to receive Social Security benefits based on their soon-to-be-ex-partner’s higher earnings record, they need to ensure they have been married for at least 10 years. Furthermore, if the lower-earning spouse is going to apply for benefits before their ex-spouse has, they will need to have been divorced for at least two years prior.
Retirement Accounts and Pensions
Dividing pensions and retirement benefits introduces challenges as a couple deals with the financial curveball of now splitting their savings. A late divorce could call one to reconsider their retirement plans, especially if their spouse is lower-earning and will thus require spousal support payments.
The Law Office of Nancy Perry Eaton, PLLC is familiar with the challenges associated with gray divorce. We offer dedicated assistance throughout the process to ensure that you are prepared for the next stage of life. Contact our office for more information: (254) 221-8588.