Gray Divorce/Divorce Over 50
Divorces for couples over the age of 50 are often complex. Also known as “gray divorce,” these couples face unique challenges such as planning for their financial futures after divorce. Typically, these couples have been married for at least 20 years and as a result, there are often significant assets and debts that must be divided. There may be other issues as wells, such as spousal maintenance and child custody.
How We Approach Divorce for People Over 50
The attorneys at Mack & Santana Law Offices, P.C., understand the potential issues that can arise in gray divorce. We appreciate the emotional as well as financial hurdles that divorcing couples face. We are forceful advocates who use our thorough knowledge of the law, strategic negotiation skills, and courtroom action to protect our clients’ interests.
Preparing for the Future
Developing an appropriate strategy for divorce is critical for individuals over 50. People must find a way to plan for retirement with a diminished nest egg. Making sure investments, retirement accounts, and other assets are divided equitably is vital to preparing for the future. Allocation of debts is equally important.
The financial stakes are high for individuals over 50. Because they have fewer working years left to recover from the financial impact of a divorce, it is important to make sure property division matters are handled properly. Once a divorce decree is finalized, the property division is considered permanent and cannot be revisited without reopening the case which can be done only in very limited circumstances. Similarly, while spousal maintenance may be modified, there must be a substantial change in circumstances making the original award of spousal maintenance unreasonable and unfair, a standard with no formula. It is important to make sure these important issues are handled properly from the outset.
Contact a Divorce Attorney at Mack & Santana Law Offices, P.C.
Contact Mack & Santana Law Offices, P.C., by calling our Minneapolis law office at 612-426-7141 or our Prior Lake law office at 952-314-2617 to speak with our family law lawyers regarding divorce or other family law concerns.