Divorce can be a choice that couples make no matter how long they have been married in Wheat Ridge and Arvada. We often assume that divorces are more common in younger couples, but gray divorces are becoming more and more common. What is a gray divorce? It’s the term used to describe a divorce where the parties are both over the age of 50 or they have been married for at least 20 years. Gray divorce brings its own set of issues, that can be different from the divorce of a younger couple. If you are looking to get a gray divorce in Jefferson County, let’s take a look at the potential complications that you might face.
Important Considerations in a Golden Gray Divorce
While there are many complicated issues that can arise in any divorce, no matter the age of the spouses or the length of the divorce, a gray divorce can be especially complicated. Some complicated issues that will need to be addressed in a gray divorce include:
- Retirement: When a younger couple divorces, they likely have little invested in a retirement plan, which means the division will be less complicated. For a gray divorce, the couple has usually invested much in their retirement plans, or may even be retired and pulling money from their retirement. This makes the financial aspect of the retirement division very complicated. An expert Wheat Ridge divorce will be able to help navigate these muddy waters to make sure you are protected.
- Assets and Debts: Much like with retirement, you and your spouse will have likely accumulated more assets and usually more debt, which makes dividing them more complicated. It’s very hard to specify which debt and or asset belongs to who when you have been sharing things for so long.
- Insurance: Life and health insurance policies can be affected by divorce. When one person is taken off the policy due to a dissolution of marriage, it can be difficult to get new insurance depending on the person’s age, as the prices can be astronomical.
These are just a few of the main issues and complications that can arise during and after a gray divorce.
If you are over the age of 50 or have been married for at least 20 years and looking to get a gray divorce, contact the best family law attorneys from the Pearman Law Firm at 303-991-7600 for your initial phone consultation.
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