The end of a marriage is a serious matter and can often present substantial emotional, financial and situational challenges. A Louisville divorce is quite different for seniors and as the number of “gray divorce” cases continues to increase across the nation it is important to acknowledge some of the unique challenges a gray divorce presents.
One of the most common challenges in a gray divorce is the issue of maintenance. If the underlying marriage has lasted longer than ten years maintenance is not only likely, it can last a lot longer. In many gray divorce cases one of the parties has given up their career to raise children and/or manage the household. This partner may not have an immediately marketable set of skills to fully support themselves after the divorce. The Court will give serious consideration to the work histories of each party, their age and overall health, as well as the lifestyle enjoyed by the parties during the course of the marriage.
A Louisville divorce is quite different for seniors as retirement is often much nearer (or actually at hand) and retirement accounts and Social Security benefits become a central issue of the case. Many individuals approaching a divorce simply overlook the fact that retirement accounts are assets. In many cases the value of retirement accounts and plans can be the most valuable marital asset(s) to be considered. It is important to carefully identify the nature of each retirement asset, as well as the qualification of a dependent spouse as it relates to a spouse’s Social Security benefits.
Louisville divorce is quite different for seniors from the perspective of health care as well. In many cases health insurance is provided by one of the spouses through work. What happens if the non-working spouse faces substantial health issues or is in the midst of a serious illness or treatment cycle?
Many gray divorces in Louisville involve the division of a business interest or professional practice. The process of valuation and ultimately satisfying the marital interest of the non-business owner is a legally and financially challenging process.
A Louisville divorce is quite different for seniors and this is why you need the proven advice and counsel of the experienced 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.