What are the challenging issues of a gray divorce in San Diego? Recent studies have shown the divorce rate of those above the age of 50, also known as “Gray Divorce” is the highest of any group. The studies have shown gray divorce can help those who have suffered in a stagnant or toxic relationship for years to move forward with their lives. However, these cases often present complex financial and legal issues. This is why it is important to work with the proven and experienced Certified Family Law Specialists at Burke & Domercq.
Some of the most challenging issues of a gray divorce in San Diego include:
- Disposition of the family home
- Division of substantial assets and retirement accounts
- Division of interests in a business or professional practice
California requires community property to be equally divided between the parties. Marital equities in the family home, investments, retirement assets and business holdings must be valued and distributed.
Gray divorces often involve a family home which has substantial value and equity. The house has been their home for decades and contains memories of raising a family and happier times. Will either of the parties be in a financial position to keep and maintain the home or will the home be offered for sale?
Investment assets and retirement accounts can be another of the challenging issues of a gray divorce in San Diego. These assets often require evaluation by a forensic accountant and investment expert. The “basis” of a given investment can and will have an impact on division of assets which appear to hold the same face value but may have substantially different equity or tax implications.
If one of the spouses has an ownership stake in a business or professional practice the marital interest must be established and divided between the parties. The valuation of a business related asset requires expert insight. The competing interests of the parties in the valuation and disposition of these assets can be quite contentious.
Health insurance is another of the significant challenging issues of a gray divorce in San Diego. In many cases one spouse has been covered by the health insurance of the other. Pre-existing conditions and future health care requirements and health coverage must be addressed as part of most gray divorces.
Pre-planning before a gray divorce is essential. The Certified Family Law Specialists at Burke & Domercq have decades of experience in the complex and challenging issues of a gray divorce in San Diego. Our clients value the family atmosphere of our firm and the knowledge, accessibility and support our team provides.