When you think of divorce, you probably picture a younger couple. However, this is not always the case, as sometimes older couples receive divorces as well. In fact, according to the Bowling Green State University, divorce rates for individuals 50 and older doubled between 1990 and 2010. A lot of these divorces happen to couples who have remarried once before. In our modern times, older people are receiving more divorces than younger people, you may be surprised to find. There are many things you should understand if you are older and seeking a divorce, and we will walk you through it.
Assets and Support
There are nine community property states, California included. This means that all income and property that you acquired during the marriage is considered to be equal property between you and your spouse. Division is sometimes more difficult for older couples because you have had a long time to accumulate a variety of assets.
When it comes to spousal support, sometimes temporary support can offer you help with finances for a period of time. Even at an older age, this works to help you or your spouse obtain special job skills or education to get back on your feet and support yourself. Spousal support is usually determined by the length of your marriage; for instance, if you have been in a long-term marriage, you are more likely to receive it. When your spouse retires, however, spousal support ends so it is a good idea to have realistic expectations.
Retirement funds that were meant to support one person are not split to support two, when divorce is at play. In some cases, this means that you would choose to hand over some of your pension in order to cease spousal support. However, due to this, there could be negative tax consequences, so you should always understand your rights. You may introduce a Qualified Domestic Relations Order into your case, which is used to divide retirement benefits.
Dividing the Marital Home
You may also wonder who will receive the marital home in the event of a divorce. Maybe one spouse decides to keep the home to qualify for real estate property tax exemptions. Other spouses may choose the route of a reverse mortgage. Other spouses may decide to live in the home so that they can still qualify for public benefits. Whatever you choose, you should speak to an attorney about your decisions. Give us a call today to speak about the issues in your divorce and how to move forward.