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Tips for Dividing Assets in a Gray Divorce

Tips for Dividing Assets in a Gray Divorce

A gray divorce is a term used to describe when older couples make the decision to divorce after a long-lasting marriage. Couples who go through these types of divorces are also known as “silver splitters” or “diamond divorcees.”

Over the years, gray divorces have become more and more common for Americans. According to a study from Pew Research, divorce rates among adults over the age of 50 has roughly doubled since the 1990s.

If you are currently going through a gray divorce, you are not alone. New Beginnings Family Law can help you through the process to set the stage for brighter tomorrow.

What Makes a Gray Divorce Different?

Gray divorces are different from other divorces for several reasons. Oftentimes, child support and custody battles aren’t an issue. This is because any children the couple may have had will usually be living on their own as adults.

Additionally, divorces between older couples tend to be carried out on better terms than divorces between younger couples. This is simply because older partners sometimes grow apart over the years and decide to take different paths in life.

One significant difference between a gray divorce and a regular divorce comes from a financial standpoint. In many cases, older couples have more financial assets than younger couples.

The financial situations of older couples also tend to be more complex, with both partners sometimes owning pensions, IRAs, 401(k)s, and other retirement plans. For many divorcees, this can make dividing assets in a gray divorce overwhelmingly complicated.

How Should You Divide Assets in a Gray Divorce?

Much like any other divorce, gray divorces can be financially costly. Often times, the wallets of both divorcees will take a hit no matter how equitable negotiations are.

Often, the most effective way to divide assets between partners is to come to a mutual agreement over distribution negotiations. Even in generous cases, it is crucial that both partners understand how to properly divide different types of financial assets. Otherwise, either partner could potentially be dealt a crippling financial blow.

Do I Need a Divorce Lawyer for a Gray Divorce?

Although gray divorces tend to be more amicable that regular divorces, this does not mean that the legal processes are any less complex. If you are going through a gray divorce, you may find that speaking to an experienced divorce lawyer can be incredibly beneficial.

Divorcing couples are already going through significant life changes. Handling divorce proceedings can be overwhelming. By speaking with a knowledgeable divorce lawyer, you can rest assured that all legal negotiations will be handled with fairness, professionalism, and equity in mind.

How Can New Beginnings Family Law Help Me with My Divorce?

No matter what stage of life you are in, dealing with a divorce can be one of the most challenging obstacles you will have to overcome. However, you do not have to go through this process alone.

At New Beginnings Family Law, our team of experienced divorce lawyers will be by your side to help you understand your options and navigate this process. We are here to support you and help you move on with your life.

Call us today to schedule a consultation with our Huntsville divorce attorneys.

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