Gray Divorce-Long Term Family and Financial Strategies Upon Divorce that make Sense
Gray Divorce refers to divorcing couples, that have been married for more than 20 to 30 years. In the past, Gray Divorce referred to divorcing couples, who had been married for more than 40 years, However, the amount of divorcing couples has grown. Whether the two of you have grown apart, and need your divorce to end quickly with an agreement, or if you have contested issues , the Law Office of Bradley S. Sandler can counsel you through divorce with the understanding and compassion that you deserve.
“Gray Divorce” is on the Rise
According to a recent Pew Research poll, the number of “gray divorces,” or divorces amongst older couples, is on the rise. At the same time as the number of divorces among younger couples is declining, gray divorce has about doubled since the 1990s. For couples aged 65 years and older, the divorce rate has tripled since 1990.
There are many reasons why older couples are divorcing at higher rates than ever before. First, their children are grown and out of the house, so there is less of a need to stay together for the kids. Many couples are divorcing as one or both spouses retire, realizing that they do not wish to spend their retirement with a person with whom they no longer have anything in common. However, it is important to remember that gray divorce comes with additional considerations that younger divorcing couples do not have to face.
Considerations in a Gray Divorce
The most important consideration in a gray divorce is ensuring that each spouse has enough in retirement savings. Divorce at an older age can have a profound impact on savings, pensions, and other money set aside for retirement. A failure to properly split assets can mean the same as starting to save for retirement too late – it can drastically change a person’s retirement plans and even force him or her back into the job market.
In a gray divorce, retirement accounts usually are divided among the couple, which if done improperly may incur penalty fees. The same goes for transferring IRA and other accounts, which require special steps to avoid penalties. Deciding who gets the house and other major assets can also drastically impact a spouse in a gray divorce, so it is important that you have an experienced family law attorney who knows how to handle the intricacies that come with this type of family matter.
Divorce after many years of marriage has its own pitfalls which deserve attention. There are a number of considerations to realize and how they may be impacted by divorce after a lengthy marriage:
- Spousal Support
- The Family Residence and Watts Credits
- Separate Property vs. Community Property issues, and Premarital Property Valuations
- Family Trusts and Inheritances
- Real Estate Trusts or Partnerships
- Pension’s and Deferred Compensation
- Executive Compensation Plans
- Social Security
- Royalties in various industries
- Dependent costs
- School Tuition
- Life Insurance
Gray Divorce is a Time for Certainty-Let Us Help You Organize a Plan
At the Law Office of Bradley S. Sandler, our experience with Gray Divorce is extensive. Located in the heart of Beverly Hills and a Graduate of Crossroads School for the Arts in Sciences in Santa Monica, CA, Family law Attorney Bradley S. Sandler is a native of Los Angeles with the type of knowledge you can rely upon to organize a plan to become your future. Often times, Gray Divorce involves:
- Relocating and Selling the Family Residence
- Updating Estate Plans
- Guiding Adult Children through Divorce
- Maintaining a Relationship with Grandchildren
- Reorganizing your financial life
Whatever the situation, Gray Divorce Counsel Bradley S. Sandler offers compassionate, creative and diligent solution-oriented family legal advice.
Legal Knowledge When it Counts the Most-Gray Divorce Simplified
As you look for a lawyer to help you through your divorce consider the Law Office of Bradley S. Sandler A Professional Corporation in Beverly Hills. I am attorney Bradley S. Sandler, and I bring extensive family law experience to the table. The Law Office of Bradley S. Sandler A Professional Corporation provides skilled and efficient help. Call 310-246-3900 or contact me at bradley@sandlerlawfirm.com to schedule a consultation at my Beverly Hills office.