Guiding Clients Through Gray Divorce In Charleston

As you approach or enjoy your retirement years, you might find that you and your spouse’s life paths have diverged. You may each want to spend your golden years in your own way and have reached the difficult decision to divorce after many years of marriage. Certainly, though, you’ve wondered, “Do people actually do that?”

The answer is yes. Here at Lyne Ranson Law Offices, PLLC, we understand that getting divorced later in life comes with unique considerations and challenges. We also know it’s more common than many people think, and we’re here to support clients through it.

What Is Gray Divorce?

Some people may wince at the term “gray divorce,” especially if they are young at heart. What it refers to, though, is a divorce that someone goes through later in life. While the overall divorce rate has declined in recent years, the number of late-in-life divorces has skyrocketed.

Couples who divorce later in life don’t have to deal with some of the issues that younger couples face. Child custody and child support are generally nonfactors for them, for instance. Yet older couples have pressing issues of their own to face, namely asset division and retirement.

Dividing Assets With Care

Asset division is one of the trickiest parts of divorce, to begin with. For older couples, it can be particularly difficult since they often have larger marital estates than their younger counterparts. Many have substantial savings or investments, as well as collectibles and prized personal possessions. Older couples often must consider the family home, too, and in some cases, burial plots purchased together.

Splitting these assets without professional help can lead to unexpected, unwanted outcomes. A divorce attorney can guide you through the process carefully.

Protecting Your Retirement Funds

Getting divorced later in life does not have to derail your retirement plans, though it can imperil them if you do not prepare. Supporting yourself requires access to ample retirement funds. Retirement accounts are among the most desirable assets in divorces; these are divisible, even if they are held solely in your or your spouse’s name.

There are several different ways to split retirement accounts – your options depend on which types you have. Regardless, this is a complex endeavor that is best undertaken with an attorney.

Reach Out To A Charleston Gray Divorce Attorney With Your Questions

A fresh start is possible after a late-in-life divorce. We can help you start planning your future during a consultation. Call 304-932-0591 or email us to set yours up.