The longer a couple has been together, generally, the more complicated the divorce is going to be. Young divorcing couples don’t usually have to deal with things like wills or estate planning; however, when a couple amasses a large number of assets, potentially including stock portfolios, businesses and real estate, finding an equitable split in the property takes a lot of time and effort.
For couples over 50, divorce rates have steadily increased over the last two decades. In 1990, 10 percent of people over 50 were divorced; by 2010, that number jumped to 25 percent. And though the rate of divorces in second or third marriages is higher than that of first marriages, 48 percent of gray divorcees were in their first marriage according to a study by Bowling Green State University.
What to Consider During Your Denver Gray Divorce
During a gray divorce, you are going to have to think about your financial future. Here are some things to consider when you are going through the divorce process.
- Alimony (maintenance) is often granted after the end of a long-term marriage, especially when only one spouse is working.
- Your retirement is usually subject to equitable division. This does not mean equal division ”“ it just means that the judge will split the retirement money in the way that he or she perceives as being the fairest.
- If you plan on keeping the house, be prepared to give something up, and be ready to deal with property taxes, maintenance and other associated costs on a smaller budget.
The family law attorneys at Divorce Matters are tireless advocates for our clients in matters of senior divorce.