While more people under the age of 24 tend to get divorced, there has been an increase in the number of seniors deciding to end long marriages. Since 1990, the divorce rate for Americans over 50 has doubled, and that number has gotten larger for those over 65. Because of this trend, attorneys all over the United States have been representing more seniors in negotiations and divorce proceedings.
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As you can imagine, the longer a marriage lasts, the more entangled two lives become, which is why it's important to enlist the counsel of a skilled Fairfax divorce lawyer. It can be difficult to remember who brought which assets into the marriage, which can make property division harder to accomplish. Assets will also include retirement funds, which both spouses probably intended to use throughout their remaining years.
While every divorce will follow the same basic laws and regulations, many factors in a gray divorce can require additional attention. Older couples have simply had more time than younger couples to build financial assets and create shared memories. Additionally, younger couples may only be halfway through their careers with more time to restructure their plans for retirement.
Issues requiring special consideration in a gray divorce include:
While younger couples are less likely to receive alimony, as both are more likely to be working, gray divorcing spouses are probably retired (or close to retiring). If one partner is more likely to be unemployed because of the scarcity of jobs for seniors, he or she might receive spousal upkeep.
Some people prefer to get more out of the shared retirement accounts than alimony or their home. This ensures a quick lump sum they can then decide how to invest for their future later. Choosing one or the other depends on how the divorce negotiations go. However, there are many considerations to make before deciding on how to split your property. For example, people might not know they will be taxed on any assets they acquire through the divorce.
The best way to negotiate the financial maze of gray divorce is by contacting an experienced Fairfax divorce attorney. Our firm is dedicated to representing people throughout Northern Virginia with tenacious courtroom skills and excellent communication. Our attorneys are highly rated, and we are confident we can provide legal assistance that will help you cope with your divorce.
Contact us at (703) 935-4222 or fill out our online form to schedule a consultation. We look forward to working with you.
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