Silver Splitting: Divorce Later in Life

As baby boomers are retiring, we family law practitioners are seeing more and more older folks divorcing. These cases present some unique challenges:

Retirement: Many couples have spent decades envisioning their retirement together, but now, that dream may take a different turn. As a family law attorney, I often advise clients on reevaluating their retirement strategies to ensure financial stability after the divorce. 

Estate Planning: I also make sure to put on my estate planning hat when tackling these cases, as a late in life split may mean big changes to your strategy. You can no longer count on using both spouses’ estate tax exemptions. And if you have children or grandchildren together, you can no longer count on your spouse providing for them in the same way.

Marital Home: Deciding who keeps the house and the logistics of refinancing can be so difficult, especially as retirees see their income dip. Not to mention mortgage rates that are likely much higher than what is currently on the home. It’s a good idea to connect with a certified divorce mortgage lending professional (CDLP) to learn more about what options might be available to you.

Government Benefits: Sadly, sometimes the impetus for a divorce later in life might be financial and not emotional. If one or the other spouse needs access to government benefits, such as state nursing care, divorce may become part of a strategy to protect assets. It is essential that you coordinate with a family law attorney and an elder law specialist to navigate this very difficult decision making.

These are just a few of the most common things that come up. As you see, grey divorce cases often present unique challenges that go beyond merely dissolving a marriage. If you or someone you know is going through this process, connecting with the right professionals is key. Make an appointment for a quick chat to explore if Acorn Law would be a good fit.