Your Reference Guide To Gray Divorce
The phrase “gray divorce” refers to spouses who divorce after the age of 50. In many cases, gray divorces involve couples who share adult children, and have been married for many years.
When you have a long history with a partner, it is difficult to imagine how a divorce will affect your life. At Wampler & Souder, LLC, we recognize the uncertainties you are facing and work hard to provide support and strong legal guidance through the entire divorce process.
Important Considerations For Gray Divorces
Ending a marriage later in life can be more complicated because there are many important factors that must be considered, including:
Retirement accounts — Getting divorced closer to retirement may put you in a less comfortable financial position after the accounts are divided in the settlement.
Social Security benefits — In certain cases, a spouse is entitled to Social Security benefits based on their spouse’s earnings, which becomes void if they remarry.
Alimony/spousal support — Income is one of the largest issues surrounding gray divorce; how will each of you maintain your standard of living? Is there a need for spousal support?
Property division — Long-term marriages typically involve more significant assets, which can create issues when determining who gets what.
Insurance policies — Depending on your age and current health status, certain issues may need to be addressed regarding your health and life insurance plans.
Competency — If competency is an issue and a spouse is unable to represent their own best interests.
Long-term care plans — Whether a spouse requires long-term care or you are planning for the future; long-term care considerations must be made.
If you and your spouse are considering a permanent split, it is important to seek guidance from an experienced divorce and family law attorney who can answer all your divorce-related questions and help you prepare a plan for the future.
Have Questions About Gray Divorce? Call Us Today.
We represent individuals and families in Maryland, Virginia and Washington, D.C., for all family law-related needs, including later in life divorces.
Contact our firm online or call 301-732-7675 to schedule a consultation with a knowledgeable divorce lawyer today. We have offices in Silver Spring, Frederick and Upper Marlboro.