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Divorce Post-Retirement: Things to Consider


What Is Gray Divorce?  

The term 'gray divorce' refers to the dissolution of a marriage involving individuals aged 50 and above. This demographic has been one of the fastest-growing when it comes to divorce, with a notable surge in recent years. Various factors fuel this trend.  

Many couples in this age bracket have cited growing apart over the years as a primary reason for separation. Others express a desire for independence after dedicating years to raising a family and fulfilling marital roles. Underlying dissatisfaction could also fester over the years, leading to the decision to separate.  

It's important to note that every situation is unique, and each couple faces different circumstances contributing to the decision to divorce. However, couples who divorce later in life will all face some of the same legal issues that younger people do not necessarily face.  

Keep reading to learn more.  

Dividing Retirement Accounts  

The division of retirement assets can be a complex process in a gray divorce, given the significant role these assets play in a couple's financial future. Retirement accounts like 401(k)s, IRAs, and pensions are often the most significant assets involved in a late-life divorce.  

The process usually involves a Qualified Domestic Relations Order (QDRO). A QDRO is a legal document that comes into play during a divorce when a retirement account must be divided. This order gives a spouse or former spouse the right to a portion of the benefits in a 401(k) or similar retirement plan. 

It is essential to handle this process carefully because the division of these assets can trigger tax penalties if not done correctly. This is why it's crucial to seek legal counsel to help promote the fair and smooth division of these assets while minimizing the tax implications.  

Social Security Benefits in a Gray Divorce 

Another significant factor to consider in a gray divorce is social security benefits. Depending on your age and the length of your marriage, you might be entitled to benefits based on your ex-spouse's work record and vice versa. This provision becomes particularly important if one spouse was the primary earner during the marriage while the other cared for the household. 

An ex-spouse may be entitled to social security benefits based on their former's spouse's Social Security record if: 

  • They were married for over a decade (10 years)  

  • They are over the age of 62 

  • They are unmarried  

  • Their former spouse is eligible for Social Security benefits or disability benefits  

  • The benefits they are entitled to on their own are less than the benefits they are entitled to based on their former spouse's record  

Understanding the regulations surrounding social security benefits can help you avoid losing important sources of income to which you are entitled.  

Dealing with Conditions Like Dementia & Alzheimer's  

A significant concern when considering a gray divorce is the possibility of dealing with severe conditions such as Alzheimer's or dementia. These conditions are more prevalent as we age, and the likelihood of one spouse facing these issues increases the later in life a divorce occurs.  

When a spouse is suffering from a condition that impairs their mental capacity, it can significantly complicate the divorce process. They may not be able to make decisions or fully understand the divorce proceedings' implications.  

In such circumstances, the court may require the appointment of a guardian to represent the incapacitated spouse's interests, ensuring they are protected throughout the process. 

Skilled Legal Representation Can Make All the Difference  

As you can see, the divorce process for those later in life can drastically differ from that of younger couples. However, despite the aforementioned challenges, there are ways to navigate a gray divorce effectively. Most importantly, it's crucial to seek experienced legal advice. A family law attorney experienced in gray divorces, like the Long Island-based attorneys at Rubenfeld Law Firm, can guide you through complex legal procedures and help you ensure your rights are protected. 

Our law firm provides a comprehensive range of divorce services, including:  

Whether you need guidance on the early stages of the divorce process or you need help with more serious concerns, like property division, hidden assets, or divorcing a spouse with dementia, remember that you don't have to go through this process alone.  

Contact our law firm online to schedule a confidential consultation with us.