San Diego Gray Divorce Lawyers
Until recently, it was pretty rare to see couples married 20 years or longer get a divorce. Besides causing emotional and psychological issues, these divorces can also sabotage retirement plans. For many older couples, settling down financially can be a significant challenge after a gray divorce.
According to the National Center for Family and Research, the divorce rate among people 50 or older has doubled since 1990. As the American population ages, gray divorce is expected to keep increasing. By 2030, it is estimated that 800,000 gray divorces will occur each year.
Here are answers to some of the questions our San Diego divorce lawyers normally get about gray divorces.
A gray divorce is separation of two people over 50 who have been together for over 20 years. This trend has gone from rare to relatively common within the past two decades.
When a couple has been married only a few years, it's relatively easier to divide their assets during the divorce proceedings. When a gray divorce occurs, the couple's assets have become so intertwined that it is difficult to determine who owns what. Homes, cars, jewelry, artwork, furniture, and pets are purchased and appreciated by long-term couples equally. So, fair property division becomes quite complicated.
One of the more complex elements of a gray divorce is the division of retirement accounts. This includes military pension plans, 401(k) plans, and Individual Retirement Accounts (IRAs). If one spouse was the primary provider while the other was the primary caregiver for children and a homemaker, it may be necessary to divide the retirement funds between both parties. Furthermore, spouses who were stay-at-home parents may lose access to their spouse's insurance after the divorce. So, this may have to be taken into consideration during the negotiation process.
If one spouse has been out of the workforce for a long time, they will need support after the divorce to adjust to life as a single adult. Spousal support may be needed to ensure that the newly singled spouse is provider for. In California, some of the factors courts consider to determine spousal support or alimony include each spouse's health situation, education, and their value in the workforce. The issue of continuing spousal support becomes increasingly complicated as an older couple heads toward retirement.
A business is considered a marital asset that must be divided at the time of a divorce. The first step is to establish the value of the business. It should be either sold or one partner must buy out the others' interest in the business. This could be particularly challenging if it is a family business with long-term vested interests.
Divorce at any age can be emotionally devastating. It could be particularly so for older couples. If you are going through a divorce after a long-term marriage or are contemplating one, call Huguenor Mattis, A.P.C. at (858) 458-9500.