INDUSTRY INSIGHT
DIVORCE LAW
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Over 50 and looking to get divorced ? What you need to know !
L to R : Ronald Barber , Reid Roberts ( Chair ), Max Levine , Chrystal Tinstman , Shannon Sacca
According to the New York Times ,“ late-life divorce is becoming more common and more acceptable .” While the divorce rate for most ages may have flattened , the opposite appears to be true of the 50 + set .
There are lots of famous examples of over-50 divorces ( or , as it is known ,“ gray divorce ”). Consider former Vice President Al Gore and Tipper , Maria Shriver and Arnold Schwarzenegger , and Toni Tenille and her “ Captain ” husband divorcing after 39 years of marriage .
If you are contemplating a separation or divorce after many decades of marriage , you will need skilled and professional advice from an attorney . There is a lot at stake including the following :
1 . The longer you have been married , the more complicated your divorce may be . You may need to determine the amount and length of alimony . Don ’ t just consider your spouse ’ s base salary , but also take into account bonuses , perks , restricted stock options and ownership stakes .
2 . We often recommend that , after meeting with us , our clients meet with a skilled financial planner to determine what kinds of support and division of marital assets are necessary to take care of themselves now and in the future .
3 . Retirement funds and other assets are likely to be shared in some fashion .
4 . With respect to the marital home , we work with our clients to determine whether they can afford the house and its upkeep when considering the rest of the distribution .
5 . Pay attention to your future insurance needs in the areas of health , life , property , disability and longterm care . Make them part of your divorce financial arrangement .
6 . When and if you decide to remarry , we recommend that you get a prenuptial agreement .
7 . There are specific divorce rules relating to Social Security . We counsel clients regarding their Social Security rights in the event of a divorce .
8 . If you are paying alimony , you may need a life insurance policy to cover future alimony payments , and it could be expensive .
9 . Take protective measures while you are married . Have a bank account and credit card in your name . Save some rainy day funds .
10 . Even though your children are older , it doesn ’ t mean that their needs should not be considered , especially in terms of inheritances . You don ’ t want this change in your life to affect what your children should inherit . We often talk with our clients about estate planning so everyone is protected .
11 . You are going to experience a wide range of emotions . Perhaps distress and anger — or possibly the change exhilarates you . Either way ,— get any emotional support you need . Our experienced team of divorce lawyers is available to answer your toughest questions . Let us help you navigate this difficult time in your life . Ask for any member of our team at 412.281.5423 or go to www . smgglaw . com .
For a free copy of our essential “ Divorce Handbook ,” please contact Reid at rroberts @ smgglaw . com or call 412.281.5423 .
Cranberry | Summer 2017 | icmags . com 9