Experienced Representation For Gray Divorce
“Gray divorce” is a term used to describe the trend of older couples who divorce. In contrast to couples with young children, when older couples divorce, there typically are no child custody issues. Instead, the division of marital property becomes paramount, especially given that many older individuals do not have decades to rebuild retirement savings or amass other financial resources.
The Importance Of A Careful Financial Examination
It is critical if you are thinking about divorce after age 50 that you develop a good understanding of your financial condition and take a clear-eyed view toward your future. This is especially important if you have not been deeply involved in the financial side of your marriage. You may find that there is not as much as you expected in your 401k or other retirement investments.
Minnesota divides property “equitably.” This means that there should be a fair, but not necessarily equal, division of the marital property. Income and property may be divided to ensure that one party is not left destitute because they did not have a career during the marriage.
For instance, if one party has remained home raising the children and managing the household, while the other party developed a successful business, farm or professional practice, the party with less career resources may receive a larger share of the property.
This also means that most family debt will be divided, including credit cards in the name of only one party. No two cases will be exactly the same, and our attorneys will develop compelling arguments to protect your future. We can also provide the knowledgeable guidance you need if mediation or litigation is necessary.
Not All Money Is The Same
We mean that you must take a very comprehensive view of your financial settlement. Taking a $300,000 family home, that is too big, needs a new furnace, roof and siding is not the same as receiving $300,000 in a Roth IRA. Working with a professional financial planner may be necessary to ensure that the equitable settlement is truly equitable.
Do You Really Want The House?
The family home may have a strong emotional attraction, but among the economic decisions you will need to make is can you afford it? One of the challenges of a divorce is the economic reality of creating two households supported by the same economic resources that previously supported a single household. We can help you obtain the information you need to make an informed decision.
A gray divorce, like all divorces, brings many challenges. Our attorneys can help you during this process, with decades of experience helping individuals just like you.