Are you looking for some suggestions for getting through a gray divorce in Louisville? The highest rate of divorce in the United States today is often referred to as “gray divorce,” those over the age of 50. A gray divorce often involves an underlying marriage of 20 to 30 years (or more). The most common reason given in these types of cases is the desire to move forward with the next chapter of life. The reality of a gray divorce will require extensive planning, consideration and some flexibility.
Getting through a gray divorce in Louisville usually begins with conversations regarding what becomes of the family home and how will custody of the pets be managed? If one of the parties wishes to keep the house they must “offset” their former spouse’s marital interest in the property with other assets. If your spouse wishes to keep the house you need to give serious consideration to requesting refinancing. If the existing mortgage remains after a gray divorce and your former spouse misses payments you are not only going to experience a substantial hit on your credit, the mortgage company can attempt to make your life miserable, even though the house is technically no longer your asset. The best solution is usually to refinance the property to remove the non-residential spouse, or to sell the home and divide the equity during property settlement.
Retirement benefits and social security are going to be central issues in your case. Getting through a gray divorce involves the division of retirement accounts, 401k(s), pensions, state and teacher retirement programs and even Social Security benefits. This can be especially complex when one of the parties stayed home during the marriage to raise children and/or manage the household while the other worked.
The first step for getting through a gray divorce in Louisville is to seek the proven, experienced advice and counsel of the divorce and family law attorneys at Dodd & Dodd.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
