Though most divorces do occur when people are under the age of 50, the truth is, divorce can happen at any age, and if you are someone in your later years who is currently going through the divorce process, you know this all too well. While divorce at any stages gives a person the freedom to move on to a new chapter of their lives, the truth is, gray divorce, also known as late-life divorce, can be quite complex, as you and your spouse most likely have more assets than younger couples, and further, there is a greater chance that those assets are commingled, which may pose certain complications that younger spouses simply do not have to worry about as much. Read on and reach out to our experienced Los Angeles divorce attorneys to learn more about gray divorce and how it may affect your finances.
How may a gray divorce affect my finances?
There are a wide variety of ways in which a gray divorce may significantly impact your finances. This is unfortunate, as divorce is already an emotionally complex process, which is why it is so critical that you retain the services of a knowledgeable attorney who has handled countless gray divorces in the past and has the knowledge and tools needed to effectively do the same for you. Some of the ways in which a gray divorce may affect your finances are as follows:
- Gray divorce may affect your retirement funds. In many cases, when a couple gets divorced, their retirement or pension plan will be considered a marital asset, and therefore subject to equitable distribution. Unfortunately, many people in gray divorces will rely on their pension or retirement as their primary source of income, which can pose serious financial risks.
- Gray divorce may affect alimony terms. Oftentimes, when couples enter a gray divorce, they are at an age where they are either incapable of re-entering the workforce, which is why if you are a financially dependent spouse, it is critical that you retain a seasoned divorce attorney who can work to ensure that you obtain the alimony payments you require to stay financially afloat.
- In many cases, the equitable distribution process will also become far more complex, as you may have many commingled assets that will be considered marital property. These can include bank accounts, investments, businesses, and more. Only a skilled attorney can effectively fight for the assets that are rightfully yours.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.