INDUSTRY INSIGHT
DIVORCE LAW
SPONSORED CONTENT
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
A
ccording 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 long-
term 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
[email protected] or call 412.281.5423.
Greensburg Salem | Summer 2017 | icmags.com 7