What Needs to be Resolved
Gray divorce is becoming more and more common as couples find themselves living longer and staying married for financial reasons. However, when a couple decides to go their separate ways after years of being together, they can often face unique challenges that are not found in traditional divorces. In this blog post, we will discuss some of the most common issues faced by those getting a gray divorce.
Complex Assets and Asset Division
Gray divorcees are more likely to have complex assets that need to be divided. This is because they are more likely to own a business, have multiple homes, and have retirement accounts. These assets can be difficult to value and divide. Often, couples will need to hire experts to help them value and divide these assets. This can add significant costs to the already high cost of divorce.
Another issue that is common in gray divorces is the division of debt. Couples who have been married for a long time often have accumulated a lot of debt. This can include mortgages, credit card debt, student loans, and other debts. It can be difficult to determine who should pay what share of the debt. In some cases, one spouse may be ordered to pay a portion of the other spouse's debt.
Estate Plan Changes
As people age, their estate planning needs to change. When gray divorcees have been married for many years, they generally have most of their assets in joint accounts. After a gray divorce, these accounts must be changed to reflect the new marital status of the parties. Further, each party will need to create or update his or her own estate plan to make sure that assets are distributed according to his or her wishes upon death.
Health insurance is one of the many issues that can come up during a gray divorce. Who will pay for what and how will it be handled? These are important questions to ask and answer before finalizing any paperwork.
There can be a lot of back and forth when it comes to health insurance in a gray divorce. Often, both parties want to keep their own coverage, but this isn't always possible. If you're not covered by your spouse's health insurance, you may need to purchase your own policy. This can be expensive, especially if you have pre-existing conditions.
The Assistance of a Gray Divorce Attorney
When going through a gray divorce, it is important to have an attorney who understands the unique issues that come up during this type of divorce. At Law Office of Greg Quimby, P.C., we understand the challenges that come with a gray divorce and are here to help you work through them.
Learn more about how we can help with a gray divorce or schedule a consultation by calling ust at (719) 212-4227 or by visiting us online.