What To Know About Divorce After 50
Life changes are expected as you grow older. If you have kids, they grow up and move out of the house. Spouses retire from careers. Things aren’t as they once were, and you may realize you no longer find yourself happy with the person you married.
Looking ahead, you want to spend the next phase of your life happy and fulfilled. Sometimes, divorce is necessary if the relationship no longer works. The idea of dividing your assets and the life you built together can seem daunting. There may not be child custody or child support issues to contend with, but so-called ‘grey divorce’ after 50 has its own complexities, emotional and financial.
The skilled and compassionate lawyers at Cullen & Murphy aim to ease the emotional toll of a California grey divorce while ensuring that your rights are protected. A large aspect of this is the division of assets and spousal support. Here are three important factors if you are divorcing later in life:
- Spousal support/alimony — Many people over 50 have built successful careers at this point, which leads to a complex compensation calculation. Determining the exact amount of compensation needs to account for bonuses, vehicle allowances, stock holdings and other income.
- Dividing pensions and retirement accounts — Unless you and your spouse had a prenuptial agreement, pensions and retirement accounts are typically considered community property. This can be one of a couple’s largest assets and proper care needs to be taken in dividing its worth.
- Inheritance — Did one spouse use inheritance (separate property) toward purchasing a house or similar community property? This commingling can make distinguishing separate property and community property very complicated, but our experienced divorce attorneys can help.