Are you above the age of 50 and considering a divorce? You are not alone. Divorce over the age of 50, also known as “Gray Divorce” has significantly increased over the past several years. It is important to know how to plan for a gray divorce in San Diego in order to protect what is important in your present and future life.
Most of the children of couples who are considering a gray divorce are fully grown and are in college or building lives of their own. It is always difficult for children to learn their parents are getting a divorce, even if they are already adults. It is best to have an open, candid conversation with your children to make them aware of the situation. Keeping channels open allows support for one another to flow both ways.
Community property such as your house will be equally divided between the two of you. In many cases the best strategy is simply to sell the family home and divide the resulting equity between the parties. If there are strong feelings about preserving the family home the party who will remain in the house will need to offset the other’s community property interest in the equity of the home.
Our pets are beloved family members and our Certified Family Law Specialists are often asked what to do about pets as you plan for a gray divorce in San Diego. Our Courts understand the emotional attachment we have with our pets. It may surprise you to learn pets can be treated much the same way as children. “Primary custody” of each pet may reside with the party whom they are closest to, while establishing a “visitation schedule” for the pet to be able to spend time with each of you. It is important to keep the expenses associated with your pets in mind as you consider your future budget.
Retirement assets and Social Security benefits could be a challenge as you plan for a gray divorce in San Diego. Social Security can be a large portion of a retiree’s income. Your spouse may be eligible for up to half of your benefits, and vice versa if you were married for longer than 10 years. Contributions during the course of your marriage and appreciation associated with retirement accounts such as a 401(k), pension, teacher’s or public employee’s retirement, military benefits or IRAs are considered to be community property.
It is important to work with our Certified Family Law Specialists as you plan for a gray divorce in San Diego. We will help you to develop strategies for protecting the things which are important to you and working through each step of the divorce with your future in mind. This is a substantial change and you will need experienced guidance and counsel.