Experienced Representation
For Gray Divorce
“Gray divorce” is a term used to describe the divorce of older couples, coined by sociologists and journalists to address this growing trend. In contrast to couples with young children, when older couples divorce, there typically are no child custody issues. Instead, the division of marital property becomes paramount, especially given that many older individuals no longer have decades to rebuild retirement savings or amass other financial resources.
If you are thinking about divorce after age 50, it is critical that you develop a good understanding of your financial condition map out your future clearly. This is especially important if you have not been deeply involved in the financial side of your marriage. You may find that there is not as much as you expected in your 401k or other retirement investments and it is important to address this early on to avoid being blindsided later.
What is “Equitable Division”?
Minnesota divides property “equitably.” This means that there should be a fair, but not necessarily equal, division of the marital property. Income and property may be divided to ensure that one party is not left destitute because they did not have a career during the marriage. For instance, if one party has remained home raising the children and managing the household while the other party developed a successful business, farm, or professional practice, the party with less career resources may receive a larger share of the property.
This also means that most family debt will be divided, including credit cards in the name of only one party. No two cases will be exactly the same, and our attorneys will develop compelling arguments to protect your future. We can also provide the knowledgeable guidance you need if mediation or litigation is necessary.
As our client, we encourage you to take a very comprehensive view of your financial settlement.
Taking a $300,000 family home that is too big and needs a new furnace, roof, and siding is not the same as receiving $300,000
in a Roth IRA. Working with a professional financial planner may be necessary to ensure that the equitable settlement is truly equitable.
Not All Money is the Same.
Not All Money is the Same
As our client, we encourage you to take a very comprehensive view of your financial settlement. Taking a $300,000 family home that is too big and needs a new furnace, roof, and siding is not the same as receiving $300,000 in a Roth IRA. Working with a professional financial planner may be necessary to ensure that the equitable settlement is truly equitable.