The decision to get divorced after 50 comes with unique hurdles to overcome, especially in regards to dividing assets that have been acquired over many years. Grey divorce is on the rise, and it’s important for both individuals to be aware of the financial burdens that will arise when suddenly living separately. Our experts in family law Corpus Christi are experienced in guiding the divorce process smoothly for everyone involved.
Consider Tax Liability
It’s easy to overlook expenses like taxes when making decisions regarding a divorce, especially when valuable assets are being divided. Our divorce lawyer in Corpus Christi recommends reviewing all tax issues before the separation agreement is finalized so that neither individual is left with a big, unexpected tax bill. A Qualified Domestic Relations Order is smartest way to ensure that the transfer is tax-free.
Saving for retirement often starts when an individual gets their first real job because it takes a long time to save. Spouses involved in a grey divorce may be close to retirement or already living on these funds. In most instances, the retirement funds will be split evenly, regardless of the circumstances that caused the divorce. Postponing retirement is sometimes the only way to avoid paying early withdrawal penalties.
A marriage that lasts more than 10 years often involves some type of spousal support in the event of dissolution, and this is commonly the case with grey divorce. If this is not part of the agreement, there is also health insurance and social security to consider. There may be a period of continued insurance coverage to ensure protection until an individual policy can begin. An ex partner can be eligible for some social security benefits as well if certain conditions are maintained. Our Corpus Christi TX divorce lawyer will read the most current social security policy to get an accurate understanding of the included benefits and qualifications.
At Gonzalez & Lopez LLP, we understand that divorce after 50 is a lot different than a divorce earlier in life. Although the kids are often grown by the time married adults reach this age, it’s important for an attorney to ensure that both people are able to avoid financial hardships when possible.