Getting divorced at any age is not something anyone wants to go through. Unfortunately, sometimes it is the best route forward for everyone involved. The process of separation is complicated. One thing can make divorce even more complicated – getting divorced at an older age. While the divorce rate for younger couples has decreased, the rate has actually increased among those over 50 years of age. This has been dubbed “gray divorce,” and can present an entirely different set of challenges for those splitting up and the courts.
At the Law Offices of Stephanie L. Mahdavi, you can count on having an experienced Westlake Village divorce lawyer by your side to get you through this. You need an advocate, someone who will fight for what you deserve at every step in the process.
Divorces for those 50 and older have doubled since the 1990s according to the Pew Research Center. Why is this happening? Researchers attribute the increase to the fact that people in this age range are the Baby Boomer generation, a group of people who have led the way with high divorce rates. Many of these divorces involve couples who have been together for 30 to 40 years.
Late in life divorces or gray divorces, are especially difficult because they are typically longer marriages. This makes a difference when it comes to most areas of a divorce proceeding. No, you will likely not have to deal with issues of child support and child custody. However, couples who have been together for a long time typically have more facets of their lives intertwined.
In California, the courts want to ensure that a couple’s assets are distributed equally. Consider the following:
All of these need to be settled in a divorce settlement. What many people may not think about are the potential tax implications of splitting assets, particularly before the age allowed. For IRAs, pensions, 401(k)s, and other retirement accounts, there is typically a penalty for early withdrawals.
When most married couples are planning retirement, they do so under the assumption that they will be maintaining one household. In a divorce, there may not be enough to maintain both couples. The earning potential for those involved in late in life divorces is much lower. One or both parties may have to adjust to a different lifestyle than they are accustomed to or potentially have to reenter the workforce.
Divorce is not easy for anyone to go through, particularly people at an older age. This was not how you planned on things happening and you need someone by your side who will fight to ensure that you are treated fairly. At the Law Offices of Stephanie L. Mahdavi, you will have a qualified and experienced Westlake Village divorce attorney by your side. You can contact us for a consultation by clicking here or calling 805-379-4550.