A silver-era divorce refers to divorce after the age of about 50 (after a marriage of many years), and the complications can be overwhelming. While the matter of child custody is typically off the table, the matter of your financial rights can take on far greater proportions. If you are facing a silver-era divorce, seek the legal guidance of a practiced California divorce attorney who has an impressive range of experience successfully guiding complicated cases like yours toward optimal outcomes.
There are several factors that tend to make silver-era divorces that much more complicated.
You have been married many years, and even if you had separate assets to begin with, time has a way of erasing the lines between separate and community property. This is why, with a silver-era divorce, all of your assets are far more likely to be considered community property (assets that you acquired while married), which means that they will all need to be distributed between you equally upon divorce. It’s also more likely that you will have more considerable assets, which also tends to complicate the divorce process.
Silverera divorces often involve more traditional marriages in which one spouse takes care of the finances, and the other takes care of the children and home. This means that, if you are the spouse with less understanding of your household’s finances, you will need to address the issue head-on by carefully gathering all the necessary documentation, including:
- The deed to your home
- Wage statements
- Your financial portfolio
- Tax records going back several years
- Titles to vehicles, including any boats or other recreational vehicles
- Information related to the value of art, jewelry, and/or any other collections or items of considerable value
- Financial information related to business and/or property ownership
The greater your wealth and the less involved you are in your marital financials, the more likely it is that you will need a forensic accountant and professional valuation expert in your corner. They can help ensure that your financial rights are protected throughout the divorce process.
Silver-era divorce is also far more likely to involve alimony (or spousal support). Alimony is intended to address divorce-related financial inequalities, and the idea is generally to provide the recipient with the additional financial support that he or she needs to become more financially independent (through education and/or job training). In a silver-era divorce, however, the recipient’s age can preclude him or her from pursuing a new career, which increases the likelihood that alimony will be ongoing (rather than temporary). Working closely with a focused divorce attorney is the surest way to help protect your right to a fair alimony order.
Typically, the matter of child custody and child support aren’t concerns in silver-era divorces. A primary concern, however, can be the matter of your children’s higher education. If you and your spouse intended to pay for your children’s college educations and this is something they are counting on, a silver-era divorce can throw a wrench into the situation. By addressing the matter from the outset and including it in your divorce settlement, you help to ensure that you can continue to support your children in the manner you have always intended. Without terms that address this issue, it’s unlikely you will be able to hold your spouse to his or her previous intentions regarding college expenses.
You may have your heart set on remaining in your family home post-divorce. After all, you have been through a lot, and too much change all at once can be overwhelming at best. It is important, however, to carefully consider this option. While it may be a great choice, it may not be. One important factor is that the expense of keeping up a large home on your own can be financially daunting. Additionally, you may find that the size of the house alone is more than you want to take on. Carefully considering your options as you move forward in the divorce process is the best way to ensure you are making the right choices for yourself along the way.
A silver-era divorce is an even more complicated divorce, but a California divorce attorney has the experience, keen legal insight, and skill to help you obtain a favorable resolution that supports your financial rights now and into the future.