Anyone who gets a divorce has a lot to consider. In all divorces, there’s a lot at stake. In today’s society, more than 50% of all married couples get divorced at some point. This is true regardless of age. Though all divorces can be complicated, the unfortunate reality is that when couples who are over the age of 50 get divorced, it is often more complicated. When a couple who is over the age of 50 gets divorced, it is known as gray divorce. Please continue reading and speak with our competent Los Angeles divorce attorneys to learn more about gray divorce in California and how we can assist you if you are currently going through the process. Here are some of the questions you may have:
How can a gray divorce be different from divorce earlier on in life?
Gray divorce is typically different from divorces that happen earlier on in life for many reasons. The most significant reason why gray divorce is different from divorce earlier on in life is the couple’s finances. Most people that have been around for longer have more assets than those who are younger, and, additionally, those who have been married for longer often find that their assets are more difficult to divide in the event of a divorce. Some of the ways in which a gray divorce can affect a person’s finances are as follows:
- Retirement Funds: Though retirement funds are most likely not the first asset that comes to your mind when you imagine dividing assets in a divorce, the truth is, for many, their retirement assets are among the most important. If you are like most people, you will rely on your pension or retirement as your primary source of income once you’re out of the workforce. This is why you need an attorney who can help you secure the retirement benefits you need.
- Equitable Distribution: As you may know, when couples have been together for a long time, they may share a bank account and various other assets. If they cannot agree on the terms of their divorce and their property goes up for equitable distribution, they will most likely lose out on a portion of those shared marital assets.
- Alimony: In many gray divorces, spouses are retired and at an age when re-entering the workforce would either be unrealistic, extremely difficult, or even impossible. Though alimony is always important to spouses who need it, this is especially true for spouses who are in a position where they cannot re-enter the workforce to support themselves financially.
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.