Issues You May Face During A Gray Divorce
Between 1990 and 2010, the divorce rate among individuals aged 50 and older doubled, and the number continues to rise. The statistic is startling to many. By the time couples are approaching their golden years together, many people assume the marriage is strong. Unfortunately, that is not always the case. Any divorce case will come with its own complications but a gray divorce, or one that involves individuals over the age of 50, come with specific challenges. Below, our Brentwood divorce lawyer explains what those are.
The divorce process can be expensive. You may also lose assets or be left with alimony obligations once the process is over. You will also lose one of the household incomes you may have come to rely on over the past years. As an older individual, you may have already reached your maximum earning potential. All of these issues may mean that the financial recovery process after divorce may take longer, and may present more challenges.
Alimony is commonly awarded when the marriage in a divorce case was a lengthy one. Couples who get a gray divorce may have been married for at least ten or twenty years and so, there is a good chance that alimony will be awarded to one spouse. If you have to pay alimony post-divorce, it can place an additional strain on your finances.
Supporting the Household
Couples who get a gray divorce do not usually still have young children living in the home. Even when a couple has children together, they are typically adults by the time a gray divorce takes place. That will have an impact on the housing situation for each party.
Usually in a gray divorce, the marital home is either sold and the proceeds are divided among the two parties, or one spouse will keep the home post-divorce. If you do not keep the home, you will have to find one you can afford to support on your own. If you do want to keep the family home, you will have to first make sure you can afford to do so.
Reconsidering Other Obligations
Clearly, a gray divorce may have a more significant impact on your finances than other divorce cases. The issues you will face may also impact other financial obligations you have. For example, during your marriage you may have started supporting an aging parent, or you may be supporting your adult children as they are just starting out in life. The financial strain of a gray divorce may make it difficult, if not impossible, to meet these obligations so you may have to ask for spousal support or it may change your goals during property division disputes.
Our Divorce Attorneys in Brentwood Can Help with Your Case
A gray divorce will present unique issues, but that does not mean you cannot overcome them. At Beal, Nations & Crutcher, our Brentwood divorce attorneys can provide the legal advice you need while helping you get the fair settlement you need as quickly and easily as possible. Call us now at 615-861-2304 or contact us online to schedule a consultation.