What do you need to know about preparing for a gray divorce in San Diego? “Gray Divorce” is a relatively recent phenomenon and applies to a divorce where both spouses are over the age of 50. A recent Pew Research Institute study shows an increase of 100% in gray divorce since 1990.
Those who are preparing for a gray divorce in San Diego may have all of the typical issues associated with a divorce, including:
- Child custody and parenting time
- Division of community assets and debts
- Spousal support
- Valuation and division of a business or professional practice
However, one of the most important issues (and often one of the largest community assets) involves retirement plans and accounts. Many people don’t realize retirement assets will be divided along with all other marital assets and debts as part of property division.
It doesn’t matter if an account, pension or benefit is only in one person’s name. Community property will include any asset or debt acquired by either or both parties from the date of the marriage to the date of separation. This encompasses contributions made to or pensions which were earned during the course of the marriage.
Preparing for a gray divorce in San Diego requires extensive planning prior to filing for divorce. This is why it is so important to seek the experienced, proven advice and counsel of the Certified Family Law Specialists at Burke & Domercq. Our attorneys help you to develop strategies to manage the process of a divorce while accomplishing your goals and objectives.
Another important issue in a Gray Divorce is the duration and amount of spousal support. If the underlying marriage has lasted 10 years or more it is more likely spousal support will be more substantial and ordered for an extended period of time. There are also issues associated with Social Security retirement benefits which are earned by a spouse. The Social Security retirement benefits of a qualifying spouse provide additional security without reducing the amount paid to those who have qualified for Social Security retirement benefits.
We invite you to review the strong recommendations of former clients and the legal industry, protect your own interests and contact us or call 760-389-3927 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.