Divorce after 50
Choosing to file for divorce after 50 is overwhelming for some and downright scary for most. You’ve built a life with your spouse, and you may have been together for decades at this point. How do you move on from the marriage after it has eroded beyond repair? What steps should you take to protect yourself during the subsequent legal proceedings? These are just a few of the common questions our clients ask themselves when they’re faced with divorce later in life.
Maxim Smith Family Law’s attorneys understand that divorce is a major life event for individuals over 50, which is why we strive to help you handle your divorce with grace and mindfulness. It’s not just about the end of a marriage; surviving divorce after 50 means taking a serious inventory of your emotions, finances, and relationships. We’ll help you take care of the important aspects of a divorce – division of assets, spousal maintenance payments, and more – that will affect you long-term and provide a foundation for your financial plans going forward. With the assistance of our experienced divorce lawyers, you’ll be able to put your time and energy into rediscovering your passions, goals, and dreams, and redefining who you are as an individual.
Divorce after 50
651-294-2407
What is Gray Divorce?
The term “gray divorce” is commonly used to describe a divorce of couples who have been married over 20 years, or where the individuals are over 50 years old. This area has been singled out for several reasons. First, it is the only demographic where we’re seeing divorce rates increase in the U.S. As baby boomers look forward to retirement, many realize they don’t want to spend it with their spouse. Changing attitudes about divorce that previously encouraged established couples from splitting may also play a role in this increase. While we can’t pinpoint exactly why gray divorces are on the rise, we do know there are many people going through a gray divorce who need guidance on how to proceed.
This brings up another reason for labeling gray divorces: they should be handled differently than a divorce between couples in their 20s or 30s. After age 50, most people have started planning for retirement. We don’t have as many earning years left as younger couples, and in some cases we have spent decades contributing to retirement plans and making investments that will set us up for a comfortable retirement.
When a Minnesota divorce happens at this stage, it is vital to consider its impact on those retirement accounts, savings, and other assets that may affect the quality of your retirement. For example, if you have been a stay-at-home parent for many years and are counting on your spouse’s pension or investments to thrive during retirement, you’ll want to make sure your needs are met through an equitable division of property and/or ongoing spousal maintenance. And if you are the other spouse in the equation – the primary earner who’s spent decades working hard to earn money for retirement – you don’t want the divorce to completely destroy your ability to travel or purchase that cabin up north.
Achieving an Equitable Gray Divorce
Gray divorce attorneys focus on creating a divorce decree that will take the financial pressure off their clients; after all, you’ve spent decades making important financial decisions to get to this point. We don’t want to see you struggle with financial difficulties as you prepare for retirement. That’s why an equitable distribution of assets is so important during a gray divorce.
The best-case scenario is when divorcing couples can agree on how their assets will be equally and fairly divided. The last thing you want is to have a judge – who does not know you – weighing in on who gets certain assets. If the divorce is acrimonious, a judge will intervene in the distribution of your assets and determine spousal support, if necessary. They will consider factors such as the length of the marriage, the standard of living established during the marriage, and the debts each person has. We always advocate for our clients to negotiate the distribution of their marital assets out of court. It doesn’t help anyone to have lawyers fighting each other over distribution of your assets, and significantly drives up the cost of your divorce. We view going to court as the last option and would much rather help clients through our Friendly Divorce process, Collaborative Divorce, or by attempting other negotiation and dispute-resolution strategies, like mediation, that will keep you out of court.
Starting Over at 50 After Divorce?
Whether you’re in your 50s and still working or are already retired and facing a divorce, you can thrive after your gray divorce. It may feel like you’re completely starting over, but our attorneys will strive to help you reach a point where you have the financial footing to move forward successfully. In reality, we believe you’re not “starting over;” you’re simply starting down a new path.
Divorce after 50 doesn’t need to be daunting. When you have the support of an experienced, compassionate, and steadfast legal team, you can navigate your gray divorce gracefully and get started on the exciting next phase in your life.
Experienced Holistic Gray Divorce Attorneys in Minnesota
Maxim Smith Family Law’s attorneys believe in supporting its clients holistically. We know our legal representation is just one component of the gray divorce process. Because of this, we also strive to provide resources that will help our clients address their emotional well-being during the divorce. Our mindful approach to family law helps clients feel more secure during what is usually a very stressful time in their life. Acting with awareness and presence of mind is crucial in divorce cases where there is much at stake.
If you’re going through a divorce after 50 and want to work with attorneys who are both compassionate and effective, call today to schedule a free consultation with Maxim Smith Family Law. We can be reached at 651-294-2407.
Frequently Asked Questions
You should contact a family law attorney as soon as you begin to consider a gray divorce. Your attorney will be able to give you advice specific to your case. You can also start saving financial documents and compiling a list of your debts and assets.
A gray divorce can be hard on your finances, but it doesn’t have to spell financial ruin. Work with a gray divorce lawyer to create an equitable divorce agreement. This will make it easier to get back on your feet financially once your divorce is finalized.
A gray divorce often affects your finances negatively, at least in the short term. You may be forced to withdraw money from retirement accounts at a penalty to pay your ex. You might also have to pay spousal or child support. Minimize the impact of the divorce by working with a knowledgeable attorney.
Maxim Smith Family Law is a holistic family law firm in St. Paul whose attorneys, Allison Maxim and Tara Smith, have extensive experience handling gray divorces, high asset divorces, and other complex family law cases. Our lawyers offer comprehensive services that address all aspects of a divorce — not just your legal concerns.
A family law attorney who focuses on gray divorces won’t charge additional fees just because you’re a gray divorce client. Instead, their fees will be based on the time they spend with you and preparing for your case. Each attorney charges differently. If you’re interested in Maxim Smith Family Law’s pricing, schedule a consultation here.
There are no legal precursors to divorce in Minnesota. You don’t need to be legally separated prior to filling, and neither party has to be “at fault” for the divorce. However, to get divorced in a Minnesota court, one spouse must have lived in the state for six months or longer.
No one can say for sure why gray divorces have increased over the years. Some experts believe less societal pressure to stay married may play a role. Others point to an increased quality of life after retirement. Whatever the reason, gray divorces seem here to stay.
Individuals who are going through a gray divorce face a unique set of challenges. A gray divorce lawyer knows how to address these specific issues while obtaining a positive outcome for their client.
Spousal support certainly may be on the table in your gray divorce, but it’s also common for the spouses to agree to a one time payment instead. Even if you decline spousal support, you may be able to collect a portion of your ex’s total social security payment each month after retirement
Divorce after 50 is becoming more and more common in the United States. In fact, this is the only age group among which divorces are on the rise.
It’s never too late to get divorced if your marriage isn’t living up to your expectations. Since there are some unique challenges that come with a gray divorce, you can make things easier for yourself by choosing a divorce attorney who understands what you’re going through.
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