In Washington and across the nation, divorce is a frequent occurrence. Current statistics indicate that the number of older people getting a divorce is on the rise. This is frequently referred to as the “gray divorce” phenomenon. This statistical increase is happening while the overall divorce rate is at its lowest point in four decades.
When older people get divorced, there are certain issues that come to the forefront. For example, spousal support is a common consideration. Since people in this age range are generally established professionally, the property division process may be complicated too. This can cause concerns such as how to handle stocks, retirement funds, pensions and more. Washington is a community property state meaning that everything the couple accrued during the marriage, including assets and debt, will be split evenly. This can invite dispute.
If there is an inheritance, it can complicate matters. In general, an inheritance will be separate property and is not subject to division. However, there could be commingling of the assets with both spouses benefiting. Social Security is another factor. After a long-term marriage, one spouse might collect from what the other earned. The marriage must have lasted at least a decade for this to be the case.
Responsible adults have life insurance. Along with alimony or other forms of support, it is generally required that there be a life insurance policy. This might need to be modified during the divorce.
When ending a marriage, it’s wise to have legal assistance that is tailored to the situation. This is true for a divorce at any age. A law firm experienced in all aspects of divorce law could be retained for representation.