While the rate of divorce has leveled off in the past several years for most age groups, the rate of divorce for those who are over the age of 50 continues to be higher than in previous decades. The term “gray divorce” has come to represent divorces involving spouses who are above the age of 50, and marriages that have lasted (in many cases) more than 20 years. The unique challenges of a gray divorce require extensive experience in not only divorce and family law, but the consequences of taxation and how to structure retirement accounts and other substantial financial aspects in these complex divorce cases.
This is why it is important to seek the counsel of the divorce and family law attorneys at Dodd & Dodd. Our firm, one of the oldest in Kentucky, has served Louisville and the surrounding communities since 1869. Draw upon our decades of experience and our unique ability to provide insight into the aspects of a divorce, but how to structure each aspect of the divorce to minimize the impact of taxation.
Most gray divorce cases involve marriages which have lasted more than 20 years, a family home and significant financial assets such as a business or professional practice ownership, retirement assets and/or investments. It is important to marshal all assets and seek an accurate valuation of each to ensure the fair and equitable division of all marital property while protecting your goals and interests.
One of the unique challenges of a gray divorce involves maintenance, also known as spousal support. In these cases it is quite common for one of the spouses to have supported the other as they sought to complete education, or leave a successful career to manage the household and raise the children. Maintenance is a tool that allows the court to level the financial balance between the parties. The existing lifestyle of the couple will be an important factor going forward.
Can each party be or become self-sufficient? Are there any health issues, and if so, how will existing health coverage need to be amended, supplemented or protected to ensure continuing coverage as needed?
Married couples above the age of 50 have most often invested a lifetime to acquire and build equity in the family home, build the balances of retirement accounts and pensions, or start or acquire a business or professional practice. The couple may own rental property or a closely-held family business or professional practice. How will the parties and the Court work to establish an accurate valuation of the marital assets? How will these assets be divided?
The unique challenges of a gray divorce require sound advice and counsel so that you are prepared to make substantive decisions that will impact your life now and in the future. The experienced divorce and family law attorneys at Dodd & Dodd have decades of experience. We have managed many cases involving substantial and complex financial, business and personal assets. We can help you to prepare for the process and manage each step in what is sure to be an extensive process.
What keeps you awake at night? What concerns you most? Get answers to your questions, proven strategies and a skilled and experienced team to guide you through the process.
This doesn’t mean the divorce has to be contentious. If your former spouse is controlling, has a personality disorder such as narcissism, or is simply used to making all the decisions you will need sound advice at each step in the process.
It is important to fully understand every aspect of each decision. The attorneys of Dodd & Dodd represent our clients in divorce and family law mediation to assist with the process of reaching a settlement while protecting our client’s own goals and objectives. Our clients in a gray divorce usually want to keep their personal and financial issues and information out of the public record. Mediation is a private, confidential environment, a structured environment designed to help create a safe atmosphere while helping the parties to resolve areas of disagreement and move forward. What happens in mediation, stays in mediation.
When a matter of principle or a central goal is at stake, our experienced trial attorneys are well prepared to take the matter before the Court to assert and protect your goals and interests.
How do you want your divorce to be managed? What do you lay awake at night worrying about? What is most important to you?
We invite you to review the strong recommendations of our former clients and the legal industry and contact Dodd & Dodd or call 502-584-1108 to schedule an appointment with one of our attorneys.
You count on sound advice and counsel informed by decades of experience in these matters, as well as proven strategies to help accomplish your goals and objectives in a gray divorce.
