What are some of the things to consider in a Louisville gray divorce? While the divorce rate among many age groups has dropped here in Kentucky and across the nation, it has nearly doubled for those above 50. These cases often referred to as “gray divorce” often involve marriages which have lasted 20 years or more.
These cases also involve serious financial and legal challenges. This is why it is important to work with the experienced divorce and family law attorneys at Dodd & Dodd. There are many important things to consider in a Louisville gray divorce and unique concerns for those who enter into divorce after long term marriage.
Many of the spouses involved in a gray divorce have multiple financial issues which must be resolved during the divorce process. We are often asked about whether maintenance will be awarded, and if so how is it calculated and how long will it last. Generally speaking the duration of maintenance is determined by the length of the underlying marriage and potential financial viability of the parties.
The amount of maintenance is not a specific formula. Judges in these cases must consider a number of factors including but not limited to:
- The age and health of the parties
- The likelihood of each party to be able to find and maintain gainful employment
- Sacrifices made by one of the spouses to support the other through education or to leave their career to support the household and the raising of children
- The economic lifestyle the parties have become accustomed to
- The balance of the earning potential of each party following the divorce
Part of this equation involves the division of marital property including retirement benefits, social security and the disposition of the family home.
Retirement benefits such as a pension or 401(k) which qualify as marital property are almost always to be divided equally between the parties.
Have you already claimed Social Security payments or nearing the age for qualification? Social Security benefits are also one of the things to consider in a Louisville gray divorce. These may also be divided equally between the spouses to level the financial playing field.
If your children are grown the disposition of the family home is another serious consideration. The home is usually a source of significant equity. Will the home be awarded to one of the parties? If so, how will the value of the equity be managed as part of the property division process?
If you are wondering about the things to consider in a Louisville gray divorce 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.