Three Common Complications of Gray Divorce
If you’re not familiar with the term gray divorce, it is the term commonly used for divorces among those over 50. As a Pinellas County divorce attorney, we see some short-term marriages that end when the parties are in their 50’s and beyond, however, most are long-term marriages where the couple has accrued assets. The more assets, the longer the marriage and children (of any age) may complicate this type of divorce.
Separating Assets
All the things you have fall into one of two categories: marital assets or non-marital assets. Marital assets are fairly divided between the two parties. In most cases, this means 50/50, but not all, which is why you should hire an experienced Pinellas County divorce attorney. Start by putting together a list of all your assets and then work on classifying them. Here are some things that often are classified as non-marital assets:
- Anything acquired before the marriage
- Gifts from people other than your spouse
- Income from rental properties owned before marriage
- Inheritance when kept separate from marital assets
- Social Security benefits
Assigning Liabilities
Just like your assets, your liabilities can be joint or separate. Most liabilities that accrued during the marriage are marital liabilities. A few exceptions are those where one party incurred debt through fraud or spent money on a romantic partner during the marriage. Your Pinellas County divorce attorney can help you understand what liabilities are joint versus separate.
Children
Whether your children are still minors or adults, they can add a level of complication to your divorce. If you have minor children, of any age, you will need a parenting plan. As you share your divorce plans with your children, depending on their age, activities and maturity level, you may want to give them significant control over their living arrangements and visitation. If they are in school or college and still on your health insurance, include whose insurance they will be on and who covers premiums, deductibles and co-pays. We also recommend including who covers costs for extra-curricular activities, car insurance, and college, if you had planned to pay for their college.
Contact Wagstaff & Pitelis – We Handle All Types of Divorce
We do not believe that complicated necessarily means contentious, it just means there is more that must go into your settlement agreement. At Wagstaff & Pitelis, we have vast experience with divorce at any age. It is our goal to help you gain a fair settlement based on your assets, liabilities, and work history through your marriage. Trust our team when you need a Pinellas County divorce attorney whether you are planning mediation, collaboration, or need someone by your side at litigation. Call us today at (727) 584-8182 or fill out our contact form.