Getting divorced is rarely easy. It can be even more complicated if you’re marriage has lasted a significant period of time or if you’re older in life. Divorces involving those age 55 and older, often called gray divorces, present unique challenges that you have to be prepared to address if you want post-marriage dissolution stability. Unfortunately, a lot of people going through a gray divorce don’t know what they need to be on the lookout for, and they have misunderstandings about how to navigate the issues confronting them. You don’t want to be in that position, otherwise you could face significant financial hardship.
So, what issues do you need to be prepared to face in your gray divorce? Let’s look so that you’re ready to develop the strong divorce legal strategy needed to protect your interests.
There are several issues that can come up in the context of a gray divorce. Here are some that you’ll want to be ready to address in your case:
- Spousal support: Getting divorced later in life can leave you in a precarious financial position. You might not have the training and experience needed to obtain employment significant enough to maintain the marital standard of living, which can leave you facing financial woes after your divorce is finalized. So, you’ll want to develop strong legal arguments for spousal support so that you have the resources needed to build the next chapter of your life.
- Retirement accounts: If you’re divorcing in your 50s, 60s or older, then your retirement assets are going to be key to financial stability. And if you lose a significant amount of those assets, then you probably won’t have time to rebuild them. So, as you navigate your gray divorce, be prepared to advocate for your half of the retirement accounts in accordance with California’s community property laws.
- Insurance: Purchasing a health insurance plan on the open market can be expensive, especially when you’re older. If you’re not careful, you could wind up in that position in your gray divorce, particularly if your coverage is under your spouse’s plan. As you navigate your divorce, then, be sure to bake the costs of your anticipated insurance costs into your settlement negotiations.
- Property division: The older you are, the more assets you and your spouse are likely to have. Under California law, you should be entitled to half of those assets, but you could miss out on the property that you deserve if you fail to conduct a thorough inventory or if you fail to identify when your spouse has hidden assets from you. Again, if you’re not diligent in protecting your interests here, then you could put yourself at a financial disadvantage as you move into the next phase of your life.
Don’t be at a disadvantage moving into your life after gray divorce
There’s a lot at stake in your gray divorce. If you rush the process, as many people are tempted to do, then you could miss key opportunities to set yourself up for success in the next chapter of your life.
Fortunately, with a little bit of preparation you can appropriately advocate for your interests, thereby providing yourself with ample protection moving forward. So, whether you anticipate being able to resolve your divorce through settlement negotiations or if you think you’ll have to sort out your divorce legal issues through litigation, now is the time to start developing your legal strategy and gathering the evidence needed to advance your position.
