If you are 50 or older and have decided that you want to get a divorce, you are going to go through a gray divorce. A gray divorce is a divorce in which one or both individuals is over the age of 50. These are unique divorces, because you are in a position where you may have a large number of assets, retirement accounts, stocks and more to consider.
People going through a gray divorce tend to have more to lose, which is why it’s so important for them to work closely with their attorneys. For example, if you have always been a stay-at-home spouse and are now looking at a serious drop in your financial support, you may want to ask for spousal support. If you have a retirement account, you may be interested in finding out how you can protect that retirement from your spouse, too.
Working with a gray divorce attorney can help you get the most out of your divorce
There are some special circumstances to consider when going through a gray divorce. For example, if you’ve been married for at least 10 years, then you are eligible to obtain Social Security benefits based on your spouse’s (or ex-spouse’s) record so long as you meet the qualifications. You need to stay unmarried and have a benefit that is less than what your ex-spouse is set to receive.
Once you meet the benefits you may be able to receive 50% of your ex’s benefits once they reach full retirement. That’s something to discuss with your attorney, because as you approach retirement, that financial support may be important to you.
Pensions may be another financial topic to bring up with your attorney. If your spouse currently has a pension, you may be entitled to a share. Your attorney can help by drafting any necessary Qualified Domestic Relations Order for you, so that you can get a fair share of the pension.
Your attorney will walk you through various topics to make sure you are prepared for your divorce. Gray divorces may be more complex, but you can get through one with the right help.