Addressing A Complex Gray Divorce In Bloomington, Indiana
A divorce over 50 in Bloomington, Indiana, is often known as a gray divorce. This term simply indicates that the couple is at a more advanced stage in life. These cases can, in some ways, be more complex.
If you are looking for a gray divorce attorney, do not hesitate to get in touch with us here at McCrea & McCrea. We have three generations of experience, and we are dedicated to focusing on our clients’ best interests every step of the way. Our divorce lawyers also offer free initial consultations.
Why Is A Gray Divorce Financially Complex?
As a gray divorce attorney will attest, these cases become complex because people have had more time to accumulate assets. They may own homes, vacation properties or businesses. They often have far more extensive savings or investments. For younger couples, the focus may be on simpler asset division and child custody. But many people going through a gray divorce are empty-nesters whose children are already over 18. They don’t have to address custody, but they do need to make important financial decisions.
Additionally, these couples are often nearing retirement age. If you and your spouse were planning on using your retirement savings or pension plan together, a divorce means that you now need to consider how to split up these benefits or accounts. Are you going to be able to retire when you expected? Do you need to use a Qualified Domestic Relations Order (QDRO) to divide retirement benefits? Many couples worry that getting divorced will hinder their future plans and ability to retire, so they need to know exactly what steps to take to protect these assets.
The Potential Impact On Family Dynamics
A divorce over 50 can lead to complicated family dynamics. Even though the children are now adults, they may be surprised to learn that their parents are splitting up at this age. Parents may also want to reconsider their estate planning and the inheritance they intended to leave to their children. How is the divorce going to affect this inheritance? Does it alter how they want to divide assets or who they would choose to serve as estate executor or as an agent under a power of attorney?
If someone goes through a gray divorce and then gets remarried, it can also introduce complex family dynamics, especially if the blended family includes multiple adult children who may all be involved.
Exploring Your Legal Options With An Experienced Attorney
The above demonstrates some of the reasons why a gray divorce in Indiana can be so complex, although every situation is unique. If you are moving toward a divorce this year, it’s imperative that you understand all of your legal rights and options. Contact us through the online contact form or by calling 812-650-4425 to schedule your free initial consultation today.