Ending a marriage at any age will present some difficulties for those involved. For older couples, however, the challenges are a little more unique due to where they are in life. With their major income-earning years largely behind them, the financial stakes are often higher and require more detailed planning. Otherwise, they may find themselves having to postpone retirement or returning to the workforce if they were already retired.
Getting a Divorce Later in Life
A major complication many older spouses face is difficulty identifying separate property. When spouses have only been married for a few years, this is generally easier, but for baby boomers whose marriages span across decades, it can be a struggle to determine which assets were acquired during the marriage and which should be considered marital property. In many cases, assets that may have been considered separate got comingled throughout the marriage.
More importantly, if you are approaching the age of retirement or you are already receiving retirement benefits, having to split these assets can deliver a major blow to older spouses who are relying on retirement funds to sustain them over the course of their golden years. If you are embarking on a gray divorce, now would be a good time to take a close look at your finances and budget for your new future.
Lastly, with old age, more health complications tend to arise. If you are receiving health insurance coverage through your spouse, this will automatically terminate once your divorce is finalized, which is another major challenge for those facing a gray divorce. Consult with an experienced divorce attorney for the advice you need to overcome these obstacles.
Schedule a Case Review with a Knowledgeable Divorce Attorney Today!
If you are going through a gray divorce, the family law team at the Law Offices of Jeffrey S. Graff can provide the skilled legal assistance you need to smoothly navigate your case. Our attorney has more than 35 years of experience and a history of successful outcomes, so you can feel confident your needs and goals will be addressed.
Reach out to our law office today at (805) 633-4999 to set up a case review with our knowledgeable family law attorney to get started on your gray divorce.