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Why Is Grey Divorce Becoming More Common?
Divorce is an emotionally challenging process, and sadly, it can happen later in life after a couple has spent a considerable portion of their life together. South Jordan family law attorneys say that divorce that occurs later in life is known as “grey divorce” and is becoming increasingly common for the following reasons:
- Empty nest syndrome that causes couples to realize they have little in common after their children leave home
- Financial disputes based on disagreements on financial management and retirement plan
- Infidelity, betrayal, jealousy, lies, and health issues that can significantly impact marital stability
- Changing expectations that cause individuals to seek fulfillment outside of unsatisfactory marriages
- Breakdown in communication that creates distance between couples
- The desire for autonomy drives individuals to seek independence, which makes starting fresh a more attractive alternative
If you’re seeking a grey divorce, it’s crucial to understand that the process could be marked with unique legal challenges. Consult skilled divorce lawyers in South Jordan for legal counsel and insights to help you navigate this challenging time.
What Legal Issues Are Common in Grey Divorce?
Navigating a grey divorce calls for the specialized knowledge and expertise of South Jordan divorce lawyers who understand the unique complexities older couples experience. Crucial considerations to pay attention to include, but are not limited to, the following:
Financial Considerations
As an older couple, you may have more substantial financial investments in the marriage than a younger couple going through a divorce.
You also may have acquired more assets and have retirement funds, Social Security payments, and pension plans. The following are some issues you should keep in mind when dealing with the financial aspect of your divorce:
- You will likely have higher living expenses because you must maintain your separate household as a single individual
- If you have been getting health insurance through your spouse, you may not continue with the coverage after divorce and may need to buy your own at a considerable cost
- Your Social Security payments could be less than expected, especially if the marriage lasted less than ten years
- Funds in your 401(k)s, IRAs, or pension accounts could be subject to division, and if they are, you should take special precautions to avoid taxes and penalties.
- Property division may have the compound effect of delaying your retirement due to losing your assets. If you’re already retired, you may need to return to work, which is not always easy due to age factors and employment gaps.
You may have significantly entangled finances, as with most couples going through a grey divorce. If you have joint accounts and property, you may need more evidence to show who made what contributions early in the marriage, which can dramatically complicate the settlement process.
Postnuptial Agreements
There’s no one-size-fits-all approach to property division in divorce cases. What worked in another grey divorce may not work in your case, so it’s crucial to obtain legal counsel to make an informed decision on finalizing your property division matters. South Jordan divorce attorneys recommend having a financial or postnuptial agreement to this effect.
The document requires in-depth and tailored legal analysis and guidance for the most favorable outcome. If you and your ex-spouse agree to resolve the property division amicably, you can create the agreement by consent. Alternatively, the court may issue a property division order if you can’t agree, touching on the finances or property you own, such as:
- Superannuation accounts
- Real estate
- Bank accounts
- Retirement plans and pensions
- Vehicles, including recreational ones such as boats, caravans, yachts, and gold buggies
The more information you have on property division laws in Utah, the better prepared you will be for the process. Nonetheless, don’t fear if you don’t understand the nuances, as experienced South Jordan family law attorneys can guide you.
Estate Plan
You should also consider your estate plan when going through a grey divorce. For example, if you created a Will or Trust while married, you probably made provisions to leave property to your soon-to-be ex-spouse. After the divorce, it’s unlikely that you will want your ex-spouse to receive your assets after your death.
Therefore, you need to update the list of beneficiaries in your estate planning documents, including property titles, bank accounts, and other documents. Consult your divorce attorneys in South Jordan to help you revise your estate plan to protect your future.
Alimony or Post-Divorce Spousal Support
Another legal issue is how you will support yourself after the divorce if you have been getting financial support from your spouse. Consider seeking spousal support if your ex-spouse can financially support you. However, the support isn’t an automatic entitlement following a divorce.
The court will evaluate several factors when awarding support, such as:
- Each party’s assets
- Each party’s earnings
- The health status of each spouse
- The standard of living of each spouse
- A spouse’s contributions as a homemaker
- Education levels of each party
- The ability for each person to earn an income
- Marital misconduct of either party before the date of the final separation
- The length of the period the marriage lasted
If you’re the spouse supposed to pay spousal support, consult with skilled South Jordan divorce attorneys to understand how the order could affect the outcome of your finances. The information can help you plan accordingly.
A Skilled Family Law Attorney Helping You Navigate the Legal Nuances of a Grey Divorce
If you’re going through a grey divorce, it’s crucial to evaluate multiple legal issues that may dramatically affect the outcome. Seek legal counsel from skilled South Jordan divorce attorneys to help you evaluate your financial, property, retirement, and spousal support issues for the most favorable outcome.
The RCG Law Group hosts experienced divorce lawyers who can guide you through the difficult journey of grey divorce. Our legal team is dedicated to helping clients understand their rights and options when facing family issues such as divorce. Call us at 385-503-3663 to schedule a case assessment.
