These days, about 1 in every 4 divorces in the U.S. involves a couple over the age of 50. These so-called gray divorces have surged over the past decade or so, doubling since about 1990.
While divorce at any age can be difficult to go through, gray divorce tends to involve certain issues that don’t necessarily arise in divorce cases with younger couples. To highlight some of these issues, below we have revealed some of the most common – and potentially harmful – mistakes to avoid in gray divorce.
Don’t Make these Mistakes in Gray Divorce
- Overlooking the retirement account(s) – Although retirement may still be 15 to 20 years off for some gray divorcees, the retirement account(s) shared by couples can be an important component of the marital property. Just how to protect your interests in these accounts will depend on the amount of accounts held, as well as the value of each account.
- Failing to consider how health insurance coverage may be impacted – With age, deteriorating health is common, and having health insurance is a necessity. If you are covered by your partner’s policy, planning to have continued coverage will be crucial. Depending on the nature of that policy – as well as your needs and circumstances, it may be possible to keep health insurance coverage by pursuing a legal separation (rather than a divorce).
- Blindly fighting for the home – While the home may hold significant sentimental value, fighting to keep it may not be the best financial decision, especially considering the fact that you may working with a reduced household income. If you do, however, really want to fight for the home, be sure to carefully consider the expense that may put on you moving forward (such as property taxes, maintenance, etc.).
- Not retaining an experienced lawyer – Even if your split seems amiable right now – and even if your divorce continues to move forward on good terms, having the representation of an experienced attorney is integral to protecting your rights and interests – and making sure that you don’t make other divorce mistakes that could come back to bite you later.
Contact a Portland Divorce Attorney at Helzar & Cromar, LLP
If you are facing divorce or are dealing with any other family legal matter, you can turn to a Portland divorce attorney at Helzar & Cromar, LLP for aggressive, compassionate representation moving forward. Bringing decades family law experience to every case, our lawyers are focused on:
- Fully understanding our clients’ needs while providing them with personal attention and respect
- Protecting our clients’ rights while we advance their interests
- Working tirelessly to bring every case to the best possible resolution.
Call us at (503) 626-2889 or send us an email via the contact form on this page to find out more about how we can serve you. The family law attorneys at Helzar & Cromar provide the highest quality legal services to clients in Portland and Beaverton, as well as throughout the state of Oregon.