PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us by telephone or through video conferencing. Please call our office to discuss your options.

What challenges might we face dividing assets in a gray divorce?

On Behalf of | Feb 21, 2020 | Divorce |

Gray divorce is something that used to be quite rare. Couples usually avoided getting a divorce once they reached their senior years, but in today’s world, divorce for the older generation is not something to avoid anymore. As couples end marriages lasting 30 or more years, it brings up a new set of challenges that do not happen when younger couples divorce. 

If you decide to end your marriage once you are over the age of 50, you will probably quickly realize one of the trickiest things is untangling your assets. After so long together, it is difficult to remember exactly what you came into the marriage with. Kiplinger explains that since older couples do not usually have to worry about child custody issues, dividing assets often becomes the main sticking point in a divorce. 

In addition to figuring out marital and separate property, you also have to consider retirement accounts. Dividing those can be quite difficult, especially when you take tax obligations into consideration. There are specific rules for dividing retirement accounts that you must follow as well. It can be a very time-consuming process and there are many opportunities for mistakes. Not to mention that dividing retirement means changing your plans for the future because you will not likely have as much money as you once planned. 

You also have to think about other important assets, such as the house. The court will want you to divide everything in a fair manner. That may mean selling the family home or getting rid of a vacation property. There will be plenty of hard decisions to make.