Marrison Family Law is a law firm specializes in family law, specifically divorce. A number of their clients are those nearing retirement. On that note, here’s a look at divorce during the later years of a person’s life:
Statistics show an increasing number of couples going through a late-age divorce. While this is both a normal occurrence and a harsh truth in American society, researchers have found that divorce is a different experience for those who are beyond the age of 55.
Take for example the marital residence. As with many older persons, the house may be paid off. The spouse who wishes to keep the property must buy the other spouse out. This can be done with a new mortgage, however, there is sometimes not sufficient income to qualify for a mortgage. Another option is to give a disproportionate share of the other assets, such as retirement accounts, or savings accounts, to the other spouse. However, unless the couple is in the upper-income ranges, this option may leave one or both spouses cash poor. A third option is to sell and split the equity in the home. However, leaving a home may be difficult emotionally and cause confusion, or may exacerbate any mental disorders which are commonly experienced by older persons.
Retirement benefits are divided in divorce proceedings. A separate court order directing the benefits company is often needed for the division of retirement benefits. This is a rather complex process, which involves issues such as whether there are any tax penalties, as well as who obtains benefits for any descendants if one of the ex-spouses passes away. Divorce lawyers are needed for this.
Especially for senior citizens who haven’t retired, and continue to work, the divorce will involve an issue of alimony or maintenance as it is referred to in Colorado. The interplay between retirement benefits, social security benefits, income, and alimony usually requires expert advice.
But whatever the age of a person, if the marriage looks to be coming to an end, Marrison Family Law still recommends they seek legal counsel for the betterment of their future.
Marrison Family Law is an award-winning family law firm based in Colorado Springs. Visit this website for more details on its services.