The Washington Post recently noted that the divorce rate for those over the age of 50 – often referred to as “Gray Divorce” – has more than doubled since 1990. More than half of gray divorce or divorce after the age of 50 cases are the first marriage for each party, and the majority have lasted longer than 20 years.
If you are considering a gray divorce in Louisville or Central Kentucky it is important to look for a divorce attorney with extensive experience and legal skill. Divorce cases for longer term marriages and parties above the age of 50 usually involve much more complex financial and legal issues.
Spousal maintenance will usually be structured differently in marriages of more than 20 years. In shorter term marriages, the issue of maintenance may be based upon the duration of the marriage and last for a shorter time frame.
Longer term marriages are quite different. Spousal maintenance will usually last much longer in these cases, often until a party remarries or has passed away. The amount of spousal maintenance may be larger as the parties have become used to a specific quality of lifestyle. Many gray divorce parties are still in their prime earning years, and income and future earning capacity is often uneven between the former spouses. Maintenance is intended to somewhat level the financial balance, especially during the course of the divorce.
Business ownership and valuation are often issues in a gray divorce. It is important to ensure that a fair and accurate valuation is achieved in order to protect a fair marital property division. Issues of taxation upon post-decree income (such as maintenance) and the potential restructuring of retirement accounts will also have an impact upon decisions during a divorce.
Most participants in a gray divorce or divorce after the age of 50 case face significant changes in their life and associated lifestyle. The quality of your attorney will have a direct impact on the success of your case. We invite you to contact us or call 502-584-1108 to schedule an appointment with one of our seasoned attorneys.