Getting divorced after a long term marriage is a difficult decision, but it’s a decision more Fresno couples are having to grapple with. In many cases, it’s because once the children are out of the house and on their own, a couple suddenly realizes how far they’ve grown apart. Also, people are living longer and acting younger, even as they age. But, divorce after a long term marriage can be very complicated and involves a lot of decisions you may not have considered.
Before you make any decisions, agree to any conditions, or sign anything, it’s a good idea to speak with a qualified Fresno divorce attorney. The legal team at the Law Office of Rick D. Banks has been helping good people in central California go through hard times for well over a decade. Call us today at (559) 272-8304 to schedule a no obligation consultation.
The good thing about ending a marriage of 20 years or more is that child support and custody topics are less likely to be issues. The bad thing is that you and your spouse have accumulated a lifetime of assets that now must be equitably divided up.
After a long term marriage, it is more likely that a couple has already paid off their home. This means that the house is lien free and can be sold for cash and divided up. But it also means that if one spouse wants to stay in the house, they’re going to have to take out a mortgage for half the value of the house to pay off the other spouse. This can be a particular problem if the couple is nearing retirement and facing a drop in income.
Other assets you may have accumulated that are going to have to be equitably divided can include:
How long a couple has been married is usually a pivotal factor when determining how much alimony the lesser earning spouse is going to be awarded. The longer a couple has been married, the more likely it is that the court is going to award spousal maintenance for the lesser earning spouse, especially if there’s a significant disparity of incomes. The courts are reluctant to leave one spouse living way below the standard of living that they’re accustomed to after a long-term marriage. So, if the higher earning spouse has the ability to pay, the courts will likely award ongoing financial support to the other spouse.
As you can see, divorce after a long term marriage is anything but simple. The decisions you make with your spouse can seriously impact your future, especially at a time when your higher earning years may be behind you. To ensure that you make the right decisions regarding ending your long term marriage, you need to seek the representation of an experienced Fresno long term marriage divorce attorney. Let the Law Office of Rick D. Banks put our years of experience to good use on your case. Call (559) 222-4891 today.