Financial Aspects to Consider when Filing for a Gray Divorce
Divorce can be a complex maze, especially when you split at a later stage in life. A recent story in the Huffington Post reveals that more than a quarter of divorces in the U.S. involve people over 50 and the number has doubled over the past two decades. If you too have made up your mind to file for a gray divorce, it is important to understand that besides the emotional turbulence, there are likely to be financial implications associated with the decision. This post discusses some such key aspects that you must discuss with a family law attorney specializing in divorce law, no matter whether you are in Dallas Texas or any other place. Take a look.
Couples that have been married for at least 10 years may receive social security benefits from their ex-spouse. The clause won’t change even if the partner remarries. The eligibility for such benefits, however, depends on the spouse’s earning history.
A part of the pension or 401(k) is divided between the couple. If the pensioner is not 59 ½ , the amount can be invested in any other retirement product. The 401k and life insurance policies list a beneficiary, which in most cases is the spouse. You can remove the ex-spouse as a beneficiary after the divorce.
An annuity is a form of insurance or investment that entitles the investor to receive the amount annually, where the total amount is divided into equal monthly payouts, similar to a retirement plan. The annuity, in most cases, has a contract and based on the investor’s preference, the amount is divided in monthly payments or as a lump sum.
Most elderly couples are likely to have been married for more than ten years, which is why alimony is an integral part of a gray divorce. The alimony would last until either spouse dies or the one receiving it remarries. The party requesting for alimony should be able to prove that they are unable to earn sufficient income to support their minimal needs.
Last Few Words
When splitting retirement income, it is inadvisable to completely rely on the alimony or any other source of divorce income, as the amount may be significantly less than required to meet monthly expenses. Couples filing for gray divorce need to seek advice from a family divorce lawyer with proven expertise in handling such legal cases. If you wish to learn about gray divorce alimony, attorneys at the law firm are here to help. To schedule a consultation fill out our contact form, and one of our divorce Texas lawyer will get in touch with you shortly. You can also call us at 214-599-9979.