Unique Issues In Gray Divorces
A gray divorce refers to when a couple aged 50 or older dissolves their marriage. Trends have shown that divorces among this demographic are increasing, despite the fact that the divorce rate among younger individuals is on the decline. While any divorce case has the potential to present certain challenges, this is particularly true in gray divorces. Below, our Suffolk County divorce lawyer outlines some of the unique challenges gray divorces present.
02Classifying Marital Property
When a couple has not been married for very long, they typically have not had time to commingle many of their assets. They also may not have acquired many assets or debts together. Couples who have been married for decades, though, have many marital assets they have accumulated together. This can make property division matters more complex as there are many more assets to divide and many of them may be quite valuable, such as collections that may have increased in value over time.
Dividing Retirement Accounts
Retirement accounts are often the most valuable asset people getting a gray divorce must divide. Dividing them, however, is one of the most challenging tasks. When a couple is in their 50s or older, it becomes much more difficult to determine which portion of them are separate and which are marital.
For example, if a retirement account was acquired before the marriage, that portion is considered separate property. On the other hand, any interests accumulated on that property during the marriage is considered marital property. This can make the matter very complex, so it is important to work with a Suffolk County property division lawyer who has the necessary experience with these assets.
The division of property will have a financial impact on both parties going through a gray divorce. However, there are other financial considerations that will also affect both individuals. When a younger couple gets a divorce, they have much more time to rebound financially. Older individuals though, may already be retired and they do not have as much time to get back on their feet financially. This can make it very difficult for one or both parties to support themselves post-divorce.
The Emotional Impact
Any divorce can bring a range of emotions but this is particularly true in gray divorces. Couples who have been married for a long time are deeply entrenched in each other’s lives. They may have made their own connections with their spouse’s family members or friends, and those relationships may not continue post-divorce. This can make it even more difficult for older individuals when they end their marriage.
Call Our Divorce Lawyer in Suffolk County for a Free Consultation
Gray divorces often have unique issues that other cases do not. At the Law Office of Joshua Adam Kittenplan, P.C., our Suffolk County divorce lawyer knows the challenges you are facing and how to overcome them so you obtain the full and fair settlement you are entitled to. Call or text us today at 631-499-0606 or chat with us online to schedule a free consultation so we can get started on your case.