Quick Guide to Gray Divorce Issues
Here is a quick reference guide to the unique issues you may need to consider in a Gray Divorce:
Retirement
Divorcing when you're closer to retirement can result in a less comfortable retirement for each spouse after it's divided. Or you may find yourself needing to access your retirement funds early. You may need to prepare to make decisions about delaying retirement, increasing your retirement savings, or retiring with a different lifestyle than you'd originally planned.
Social Security
In some cases, a spouse is entitled to benefits based on his/her spouse's social security, depending on the duration of the marriage and each spouse's income. Getting remarried will stop any spousal social security benefits.
Income and Spousal Support
When a marriage ends, especially a long-term marriage, there are many issues surrounding income. How will each spouse maintain an income stream? Will it require rejoining the workforce, paying or receiving spousal support (alimony), or splitting a fixed income if you're retired?
Division of Assets
Divorces later in life often involve more significant assets. The division of the property, both community property and separate property, will be subject to several considerations unique to Gray Divorce, such as how close each person is to retirement, the length of the marriage, and more.
Insurance
In a Gray Divorce, the age of the parties calls for issues surrounding both health and life insurance to be addressed. This includes each person's ability to afford health insurance. To be able to remain on a spouse's health insurance plan, a legal separation instead of divorce is a possibility to be discussed.
Competency
As people get older, there is an increased chance that competency may be an issue affecting that person's ability to represent their own best interests. In such a situation, an attorney or the court may wish to have competency proved and take measures to protect the rights of a party who is found not competent.
Long-Term Considerations
Issues surrounding getting older, such as facing the prospect of long-term care and preparing for one's final wishes, often need to be considered in a Gray Divorce. Updating your estate plan both during and after the divorce is advised, as well as planning for the provisions and costs of long-term medical care, should it be required.
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Client testimonials
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"I knew I had a great team looking out for my best interest."My daughter is the sunshine of my life. I felt despair and a sense of helplessness on the day I was served. On the first appointment day when I arrived at the office and sat down with my lawyer, I knew I had made the right decision. From the beginning of my case to conclusion, I knew I had a great team looking out for my best interest (and the best interest of my child). Thank you McKinley Irvin!- Christine P.
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"Thanks for all the work for our family over the past year."Thanks for all the work for our family over the past year. We’re really glad you are on our side.- P.O.
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"I always felt my specific needs were very well represented and that I could count on David to be a trusted adviser."David remained very level headed and family focused throughout our proceedings. That said, I always felt my specific needs were very well represented and that I could count on David to be a trusted adviser during an otherwise difficult time.- T.M.
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"We would highly recommend the knowledgeable and dedicated law firm of McKinley Irvin to anyone who might be seeking legal services."In our search for a reputable law firm to handle my sister’s divorce case, we explored our options until we found the McKinley Irvin law firm. McKinley Irvin has, through our experience, proven to be compassionate, understanding and patient during the long term process of my sister’s case. Due to her disabilities she needed more than the legalities and McKinley Irvin was able to provide their knowledge as well as the assurance to my sister that her case would be handled in her best interest. We cannot begin to express our gratitude for all that the McKinley Irvin law firm has done for us. We would highly recommend the knowledgeable and dedicated law firm of McKinley Irvin to anyone who might be seeking legal services.- P.M.
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"I cannot imagine two people better able to represent me."Without David and Sam, there is no way I could have made it through this exceptionally difficult time in my life. I cannot imagine two people better able to represent me, nor a better firm to handle my affairs. You all have been wonderful!- M.L.
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"My attorney was very good in and out of the courtroom. Always kept me up to date on any issues that came up."My attorney was very good in and out of the courtroom. Always kept me up to date on any issues that came up and was very knowledgeable on custody issues.- R.R.
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"You all stood by me no matter how trying my case got. I always felt at ease knowing that you were there to guide me through this."I would like to give my sincere appreciation to Jennifer Payseno and staff. You all stood by me no matter how trying my case got. I always felt at ease knowing that you were there to guide me through this most difficult time. Thank you for not only being my attorney but becoming part of our extended family.- M.F.
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"Thank you very much for doing such a wonderful job. It has been a pleasure working with you."Dave, thank you very much for doing such a wonderful job. It has been a pleasure working with you.- R.C.