In addition to the normal complexities of marital divorce at any age, divorce after the age of 50, commonly referred to as “gray divorce”, presents even more hurdles. When one or both spouses deem their differences irreconcilable, they must decide how their assets will be divided, how the divorce will impact their retirement, and how their finances will change as a result of the negotiations.
A family law attorney experienced with divorces for couples over the age of 50 can help you maneuver the specific legal, financial, and emotional challenges. Review this brief guide to divorce at 50+ to gain the legal insight needed to make your divorce as stress-free as possible.
Differences for Divorces at 50+
Divorces at the age of 50 and above usually do not involve contestable issues such as child support. However, other challenges, including spousal support (alimony) and asset division remain complex elements of the process.
Additionally, more specific considerations must be added to the negotiations, such as how the process will impact the retirement plans of each spouse. The legal rights and responsibilities of each party may also change depending on the contractual, financial, and emotional elements of the situation.
Anyone over the age of 50 dealing with or planning divorce proceedings should consult an attorney to learn more about these considerations as they apply to their specific situation. The following offers a broad overview to help you get started.
How Asset Division is Impacted
Dividing marital assets is a complicated part of any divorce, especially if you never signed a prenuptial agreement. In that case, it will be your responsibility to claim your assets and pursue your right to certain belongings.
Typically, asset division can be the most emotionally conflicted aspect of a post-50 divorce settlement. By this stage, most couples have been married for many years, accumulating possessions that have gained significance or sentimental value.
With decades of mutually combining financial and property assets, untangling them during the divorce can be unfathomable without professional help. This becomes even more complicated when formally distinguishing between marital and non-martial property.
Before proceeding with the divorce, couples should first understand the difference between marital property (the assets that can be divided) and non-marital property (the assets that belong to one individual). Marital property can include the primary residence as well as bank accounts, investment stocks, furniture, vehicles, and pensions.
Meanwhile, non-marital property, which is excluded from division in Maryland, may include assets that are gifted or inherited to one spouse or listed as explicit exclusions in a prior agreement.
These properties are not considered jointly owned. Significantly, the status of marital property in Maryland is not affected by which spouse paid for the property or how much.
While every situation differs, making the distinction between marital and non-marital property is vital to advocate for your best interests in the divorce, which is why seeking expert legal advice is strongly recommended before initiating the process.
Resolving Outstanding Finances in Maryland Gray Divorce
Additionally, the asset division process is impacted by how the divorcing couple resolves their outstanding finances. While marital property can be sold or divided to pay outstanding credits, an order can not be made for non-marital property to be used to pay off the debts of the other spouse.
In the same way that debts are owed by specific parties, lawsuits, debts, and business contracts are also attributable to the spouse named in the relevant agreements. The other spouse is not responsible for these, nor for any debts their spouse acquired prior to the marriage. There are exceptions to these rules, such as properties with mortgages paid off by marital funds.
When claiming real estate asset division in Maryland, the court will include numerous factors, including the spouse’s share of the property, its value, and the conditions under which it was purchased. The decision will be based on the relevant statutes regarding family law as well as the particulars of the case.
Financial resolution can be costly or impossible for spouses divorcing over the age of 50 without experienced consultation and representation. Without an in-depth understanding of the relevant financial and property codes, many couples struggle to advocate for their best interests and assert their legal rights throughout the process.
Trust an Experienced Attorney to Handle Your Gray Divorce Case in Maryland
At Milstein Siegel, our experienced attorneys have strategically assisted spouses in the Maryland area with complex divorce cases for over 30 years. We understand the battles that 50+ couples face as they attempt to divide their assets, including readjusting their retirement plans.
Our team is devoted to fighting for your rights and finding creative solutions to the wide range of issues related to 50+ divorce negotiations. Contact us today to learn how we use our expertise in Maryland divorce law to help our clients reach the best possible outcome for their situation.
