Divorce can be difficult at any age, but if you are going through a divorce later in life, there may be some specific issues to be aware of. This is because how these issues are dealt with in your divorce can have big impacts on you and your life after divorce.
Below, we’ll point out some of the most important factors to understand about divorce after 50 – or, as some call it, gray divorce. When you are ready for the best Arizona divorce representation, however, don’t hesitate to contact experienced Scottsdale Divorce Attorney Karen Schoenau.
Divorce After 50: Here’s What You Should Know About Gray Divorce
1 – Continuing Health Insurance Can Be a Big Issue.
Have you been getting health insurance coverage under your partner’s policy? If so, then figuring out what you have to do to maintain coverage after divorce will be important. Generally, with divorce and health care coverage, there are a few options – people can either pay for new coverage, continue coverage on the prior policy via COBRA or sign up for state coverage under the Affordable Care Act.
If none of these options will work for you, it may be worth considering whether legal separation is a better alternative to divorce (as health care coverage can be continued with a legal separation).
2 – So Too Can Retirement Accounts.
Retirement accounts may not be big issues for younger couples going through a divorce (as these people may not have retirement accounts or these accounts may have minimal funds). With divorce after 50, however, people can have substantial retirement accounts that they’ve been building over their lifetime.
So, while it’s important to not forget about retirement accounts in gray divorce, it’s also crucial to deal with them wisely to avoid paying extra taxes or withdrawal penalties on them (and, in doing so, lose more of this asset than may be necessary).
3 – In Divorce After 50, People Often Forget to Consider Tax Implications and Whether They Should Really Fight for the Marital Home.
Other important considerations with gray divorce can include:
- The tax consequences of nearly every financial issue dealt with in divorce – Understanding these implications can help older people make better choices about what to retain/fight for versus what to let go of during divorce.
- The marital home – While many people will be attached to their marital homes, trying to get the home from a divorce after 50 may not be the best idea, especially when considering future upkeep and maintenance costs (Including property taxes) on a single income/salary.
Scottsdale Divorce Attorney at the Law Office of Karen Schoenau
Are you ready to file for divorce? If so, you can turn to Scottsdale Divorce Attorney Karen Schoenau for honest answers, effective representation and the best possible outcomes to your case.
To receive professional advice and learn more about how we can help you, schedule an initial consultation with Attorney Karen Schoenau at the Law Office of Karen A. Schoenau. You can set up this meeting by calling 480-467-3435 or by emailing us using the drop-down contact form at the top of this page.
From her offices based in Scottsdale, Attorney Karen Schoenau represents clients throughout the metropolitan Scottsdale area, including Scottsdale, Mesa, Surprise, Maricopa County, Pinal County, Gila County and throughout the state of Arizona.