More and more longterm couples are considering divorce as an option to marital strife. Grey divorce, as it is often called, is a lot more difficult due to the sheer length of time the couple has been together. The following are a few issues that older couples must work out before a divorce can be finalized.
The longer a couple is married, the harder it is to determine what is shared and what is separate property. Only assets that are considered shared, which means assets acquired during the course of the marriage, are able to be divided equitably between spouses. If the couple cannot come to a reasonable solution, the court will review the assets being divided and make the best possible recommendation for divvying them up.
Many people receive health insurance through their spouse’s employer. When divorce is on the table, the unemployed spouse may request that they retain health coverage, especially if their earning capacity is diminished. This is often easier said than done since the spouse with insurance can easily find a way to remove their ex from a policy after the divorce is finalized.
Retirement benefits and Social Security payments are a form of income. When this money is accumulated during the course of the marriage, it is usually considered up for grabs in terms of asset division. The real chore is how to determine how much of the retirement funds each spouse is entitled to. The court will look at all income, as well as the standard of living before and after the marriage, to determine a fair figure for each party.