San Diego Gray Divorce FAQ’s
So-called “gray divorce,” or divorce involving couples who are reaching or are in their retirement years, has increased in recent years. Couples are deciding to make a big change, often in the hopes of gaining more enjoyment from their remaining years of life. If you’re considering a “gray divorce,” here’s what you need to know:
Are the rules different for a “gray divorce”?
The same divorce laws that govern all other divorces also govern gray divorces. In other words, you’ll need to meet the same guidelines, including making an equitable split of marital property and attending to questions of spousal support and, if needed, child custody or support. However, your priorities – especially if one or both of you have retired – may be quite different than those of a younger couple.
What happens to our retirement if we divorce?
Retirement savings accrued during the marriage are treated as marital property, no matter which spouse earned them. This means that you’ll need to consider how these funds will be split. Since the divorce may reduce your expected retirement income, you’ll also need to plan for the reduction or find ways to make up the difference.
How will the divorce affect our estate plan?
It’s important to update your estate plan to reflect the divorce. For instance, you may wish to name someone other than your spouse as your personal representative or the recipient of most or all of your assets. You may also wish to change how your estate plan distributes assets to your adult children, especially if the divorce has disrupted plans to transfer assets to them during your or your spouse’s lifetime.
Contact an Experienced San Diego Family Law Attorney
The Law Office of Thomas M. Huguenor has helped many people through divorces later in life. Let us help you secure a settlement that gives you a bright and happy future. Call a San Diego family law lawyer today at (858) 458-9500.