No matter how old you are, divorce can be a particularly stressful time. While stressful times can impact anyone’s health, individuals who divorce at the age of 50 or older are at risk of experiencing significant health problems. The best way for older adults to combat the health dangers of divorce is to go into matters with an understanding of the most common critical issues that arise during gray divorce. This article discusses four of the most common issues that couples encounter during gray divorces.
Divorce Impacts the Lives of Adult Children
Even if a couple’s children are grown, this does not mean that they will have an easy time dealing with their parent’s divorce. While former couples should not feel required to tell their children all the details of why a marriage ended, it is important to address the issue with open honesty.
Social Security Issues
The Social Security Administration reports that if you divorce but your marriage has lasted at least 10 years, you will still be able to receive benefits from your former spouse. For this to be true, however, several certain requirements must be met including that you must not be married, must be at least 62, and your former spouse must be entitled to receive either disability or Social Security Retirement benefits.
Difficulties Dividing Retirement Accounts
Many companies have begun to discontinue use of pension plans and have instead begun to offer 401(k)s to workers. Some government workers, however, still receives pensions, which can be particularly challenging to divide after a divorce. These pensions are often designated for a worker and are not designed to compensate a former spouse. As a result, sometimes divorcing couples use pension plans to negotiate how a former couple’s estate should be divided. To navigate the distribution of pensions, it is often critical to obtain the assistance of an experienced family law attorney.
Inheritances are viewed by courts as separate rather than marital property, which means that they are not subject to distribution following a divorce. These amounts, however, can significantly influence the terms of a divorce. If inheritances are co-mingled among spouses, there is the potential that they might be viewed as marital property. There are number of complex ways in which an inheritance amount can be comingled. Issues concerning how assets should be separated among a former couple are often particularly complicated. Our legal counsel has navigated many cases involving the distribution of inheritance assets and reached the best possible outcome for our clients.
Speak with an Experienced Divorce Attorney Today
While the gray divorce process can feel overwhelming at times, a seasoned divorce attorney understands how to lessen the uncertainty involved with the process. Contact an experienced lawyer at Vayman & Teitelbaum P.C. to schedule an initial free case consultation. We understand how uncomfortable the divorce process can be and will take all of the steps necessary to make certain that your case resolves in the most positive manner.