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Determining fair a settlement in a gray divorce

On Behalf of | Apr 28, 2020 | Divorce

Gray divorce brings new complexities to the separation process. After years of marriage, chances are the children are grown, and you may each have personal assets. This makes settlements much harder to conduct. Even if the split is amicable, couples have to address a variety of complex issues.

Kiplinger reports that since money is the business side of a relationship, treating the split as a business arrangement can help identify critical areas to address.

3 topics to discuss before divorcing

Here are a few things you may want to consider before starting the process:

  • Occupational status: Your partner is likely well into their career. In some cases, that means the lower-earning spouse could receive more in support payments. However, it also makes defining what is fair more complicated. Consider any ownership stakes in different organizations, car allowances and stock options in addition to the base salary.
  • Asset division: Louisiana abides by community property laws. This means any income or assets obtained during the marriage are considered community property. By this stage in your marriage, both of you likely have banking and retirement accounts, vehicles, furniture, and other valuable assets. However, it also means that there may be tax debt and other liabilities. Breaking everything down and figuring out who owns what can take a lot of time and negotiation.
  • Government benefits: If your marriage was long-term, you might qualify to receive Social Security benefits based on your spouse’s earnings record. However, age limitations and other circumstances may affect your ability to get them.

A new beginning is on the horizon

Even if your divorce is mutual, going through the motions alone is never easy. Luckily, older spouses looking to move on from one another can benefit from the help of a knowledgeable and compassionate family law attorney.

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