When spouses get divorced in their later years, it is known as gray divorce. If you fall into this category, you have a lot to consider, and our firm is here to help. Please continue reading and speak with our knowledgeable Los Angeles divorce attorneys to learn more about gray divorce and how we can assist you if you are currently in one.
Things to Consider in a Gray Divorce
Some of the various things to consider when dealing with a gray divorce are as follows:
Your Social Security Benefits
When getting a gray divorce, you have to consider your social security benefits. Oftentimes, one spouse should think about collecting the higher-earning spouse’s Social Securit benefits, as this will allow them to live more self-sufficiently into the future. That being said, this is not always possible, which is why you should hire an experienced attorney who can determine whether this is a possibility for you.
Tax Considerations
As you may know, even if you are to receive alimony, this may have certain tax consequences on both you and your former spouse who is going to pay alimony. In many cases, if you receive alimony, you will have to pay income tax on those alimony payments, which is why you must take this into account when managing your finances. Additionally, if you are the payor of alimony, you no longer receive a tax deduction, which is why you should also take this into account.
Your Health Insurance
As you know, health benefits are extremely important. Everyone needs health insurance. However, after a divorce, if you relied on your former spouse’s health insurance, this may be a complicated issue. For example, if you have not reached the age of 65, you will not be eligible for Medicare. In this case, you will have to create a financial plan and set aside money and assets to cover your health insurance needs until you qualify for Medicare.
Property Division
When spouses get divorced in their later years, there is a very good chance that they have a wide array of intermingled assets, such as bank accounts and more. When this happens, it can be very complex to determine which assets belong to which spouse in the equitable distribution process. Our firm can fight for what is rightfully yours.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.
