The Law Firm of Yolanda V. Torres, APLC

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Money matters in "grey divorces"

By now, most of us are familiar with the concept of grey divorce. This term applies to couples 50 or older who are going through a divorce. In many cases, these couples have been together for two or more decades, and the divorce may come as quite a shock to family and friends.

For the couple actually going through a late in life divorce, there are very important considerations that they must keep in mind as their divorce moves forward. Many of these couples are close to retirement age, and the ending of the marriage is going to have a significant impact upon their financial future. This posting discusses exactly what you need to know if you are facing a grey divorce. 

The retirement assets loom large

When it comes to retirement assets, you need to realize that all property that is accumulated during the marriage belongs to both parties according to California law. While there are some exceptions for inheritances and other specific property, know that retirement accounts belong to both spouses. Even if you were the sole wage-earner outside of the house, the money that you contributed to your account during the marriage will be subject to property division.

Often, these assets are the focal point of the divorce. Both sides want to try to assert their rights to this property. Creative strategies may be necessary to find common ground, but in some cases, there may not be enough other assets to use to make up for retirement accounts. This is when things can get very difficult, especially if you are close to retirement.

Spousal support is also a very important issue that will come up

Another issue that will be discussed is the amount of spousal support in your case. If you or your spouse gave up a career to raise the children, you may not have kept up with the changes in your former field of work. The divorce may mean that you have to return to work, or get support in order to maintain a standard of living.

This is an issue that can be quite contested. Each party will have specific concerns that they need to be aware of as things move forward. Failing to inform yourself of all of your options may leave you a financial disaster after your divorce is complete.

You need an experienced attorney to protect yourself

You should never try to handle a divorce on your own. Even if you or your spouse feels that you have all of the information you need to get things finalized, you should have someone looking out for your best interests. This is a crucial time in your life, and the mistakes that you make now could mean you have to put off retirement for many years.

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The Law Firm of Yolanda V. Torres, APLC
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Phone: (657) 210-0691 
Fax: (714) 242-7416
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