Understanding The Unique Issues Of Late-Life Divorce
Some couples assume that a divorce later in life, after their children are grown and out on their own, may be simpler. However, late-life divorces, also known as grey divorce, can present unique concerns. At the Law Offices of David T. Garnes, LLC, our attorney understands the complex issues that can arise in late-life divorces. With more than 20 years of family law experience, our skilled lawyer can carefully evaluate your case and develop personalized solutions for your concerns.
Key Considerations In Late-Life Divorces
When we assist couples with late-life divorce, the following are common areas of concern that require special attention:
- Dividing retirement assets: The chances are that one or both of you will have accumulated significant retirement assets. In order for a 401(k) plan to be divided, you will need to prepare a qualified domestic relations order (QDRO) so you can avoid IRS penalties and other adverse tax consequences. There are other rules for individual retirement accounts. Unfortunately, many people rely upon a joint retirement account for future financial security. A grey divorce may require you to re-evaluate your financial situation and retirement plans.
- Deciding what to do with your house: The value of your house likely increased as you aged. Exemptions on property taxes are also more likely to appear at this point, and may make the house a greater force of contention during the asset division process. However, it is important to evaluate the feasibility of maintaining your home on a single income when you are determining whether to keep or sell it.
- Determining fair spousal support payments: In grey divorces, it is common for one spouse to have more outside-of-home work experience than the other. Depending upon your retirement status, this can significantly affect your ability to earn an income and your quality of life. A temporary alimony award may be necessary to help you or your spouse get back on their feet. New Jersey does not allow permanent alimony, so explore your options with a lawyer before you negotiate alimony payments.
Contact Our Dedicated Attorney For Support
If your long-standing marriage is coming to an end, your concerns are somewhat different than those of younger couples. To learn more about these unique issues, call the Law Offices of David T. Garnes, LLC, at 856-324-4593 to schedule an initial consultation. Alternatively, you can send us an email. We are licensed to assist families in both New Jersey and Pennsylvania.