FRESNO GRAY DIVORCE ATTORNEY
Gray Divorce – Divorcing After a Long Term Marriage
In 2010, approximately one out of every four divorces involved couples age 50 and older. That’s a 100 percent increase in the divorce rate for that age group since 1990. This growing trend of older couples getting divorced has even been given a name: “Gray Divorce.” But ending a marriage in middle age can actually be more complicated than a divorce in a person’s 20’s or 30’s.
This is because older people have accumulated more mutual wealth and possessions and significantly invested in each other’s retirement and estate planning. Healthcare, insurance, business interests, Social Security, and taxes are also more complicate when ending a long term marriage. If you and your spouse are considering divorce after many years together, you may want to consult an experienced Fresno divorce attorney first.
The legal team at the Law Office of Rick D. Banks in Fresno has been helping good people through hard times for over 20 years. We can answer any questions you may have about how a divorce will affect your future. Call our offices at (559) 222-4891 to schedule a no obligation consultation.
Grey Divorce and Retirement Concerns
Getting divorced when nearing retirement can lead to a less comfortable retirement lifestyle for both spouses. You may think about delaying retirement or start saving more for retirement. Some may need to access their retirement funds early.
Grey Divorce and Social Security
Some spouses may be entitled to social security benefits based on the other spouse’s income.
Grey Divorce and Income and Alimony
Getting divorced can seriously affect the income of either spouse. In some cases a spouse may have to go back to work after a long period of being out of the workforce. One spouse may have to begin paying or receiving alimony.
Grey Divorce and Division of Assets
People past middle age tend to have accumulated more significant assets. Division of both separate property and community property will be influenced by such things as how long the couple was married and how close each is to retirement.
Grey Divorce and Insurance Concerns
Divorce at a later age can affect both spouses’ ability to afford health insurance. Some couples may choose a legal separation instead of divorce because that would allow one spouse to stay on the other’s health insurance plan.
In some cases, illness or old age may bring about questions of a person’s competency in making decisions for themselves. In such a case, an attorney, family member, or the court may want to request a competency hearing. If the person is found not to be competent, those involved will want to take measures to protect the rights of the person.
Grey Divorce and Long Term Care and Estate Planning
Getting divorced at an advanced age can affect a person’s plans for when they go into an assisted living facility and how they will pay for it. A person’s estate plan also needs to be updated during and after divorce.
As you can see, a gray divorce is anything but simple and involves issues that often don’t come up until one of the spouses passes away. Before you agree to anything or sign any papers, it’s vital that you speak with an experienced Fresno gray divorce attorney.
Contact the Law Office of Rick D. Banks Today
The Law Office of Rick D. Banks have been representing central California clients for over 20 years. Call us today at (559) 222-4891 if you have any questions.