Special Issues in Later-Life Divorce
A later-life divorce may present a few unique issues compared to divorce in earlier years. With the help of a family law attorney in Chesapeake, Virginia, you may better work through the legal aspects of ending your marriage when over 50.
Issues in Later-Life Divorce
It’s difficult for some to hear, but Grandma and Grandpa are splitting up. As more older couples are choosing to end their marriages than in past generations, some may run into unique circumstances like estate planning that may not as strongly impact couples in their 30s or 40s.
There are some aspects of divorcing later in life that fortunately might make the process a bit easier. For example, fighting over custody of young children is usually not an issue for older couples because children from the marriage are usually grown.
Financially, later-life divorce can present some challenges, though. Dividing a retirement plan can be tricky. You’ll want to learn about any tax penalties you might incur for dividing the plan, whether your ex has taken any loans against the 401K and more. You will need to find out what the guidelines for division are for your (or your spouse’s) retirement plan, because the rules can vary. When you talk with a family law attorney in Chesapeake, Virginia, he or she can help walk you through all of this.
Division of property in a later-life divorce – as in any divorce – can be fraught with emotion and disagreement. The court’s goal is to distribute property in a fair and equitable manner, but its decisions may not always align with the divorcing couple’s wishes. It’s a good idea for a couple to try and work out property distribution issues between the two of them.
Many older people have Social Security to take into consideration as well. If you were married to your former spouse for 10 years or more, you may be entitled to collect benefits without affecting your ex-spouse’s collection of benefits.
Have an attorney help go through the property and assets in the marriage. Property division can get especially confusing or contentious if you and your spouse own significant assets, are joint owners of a business, or have other assets that may be difficult to value.
Contacting a Chesapeake Family Law Attorney
If you are getting divorced at any age, contact the Hofheimer Family Law Firm at 1-757-425-5200 and check out our free eBook, What Every Virginia Woman Should Know About Divorce. Also make sure you reserve a seat at our monthly divorce seminar. If you’re going through a later-life divorce, contact us for help with your case.