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A gray divorce, ending a marriage after age 50 or after decades together, raises different questions than a divorce earlier in life. Retirement savings, Social Security, health insurance, and estate plans take center stage, and there is often less time to recover financially.
Here are challenges that often come up in later-life divorce and how to plan for them.
In a long marriage, most assets in a Colorado divorce were often built together, and spouses may be near or in retirement. Decisions made now can shape income for the rest of each spouse’s life.
Property acquired during the marriage is presumed marital regardless of whose name is on it, which usually includes retirement accounts built during a long marriage.1
Assets owned before the marriage or received by gift or inheritance are separate. Their increase in value during the marriage is marital.2 Records showing value at the date of marriage matter.
A divorced spouse may qualify for benefits on an ex-spouse’s record. The marriage must have lasted at least 10 years, and the divorced spouse must be unmarried and age 62 or older.3 Timing a divorce and a remarriage can affect eligibility.
Later-life divorce decisions have long-term effects on income and security. Johnson Law Group offers a no-pressure consultation to plan for retirement and beyond, so schedule a consultation before you finalize terms.
Review your will, trusts, powers of attorney, and beneficiary designations as soon as the divorce is underway. Post-divorce financial planning helps turn the decree into a workable plan.
Divorcing later in life means planning for the decades ahead, not just the decree. Johnson Law Group is here to help.
The attorneys at Johnson Law Group help clients through gray divorce with a focus on long-term security and will give you a clear read on your options. Schedule a free consultation through our Colorado offices, and we will serve as your North Star from here.
[1] C.R.S. § 14-10-113(3) – Property acquired during the marriage presumed marital regardless of title | https://colorado.public.law/statutes/crs_14-10-113
[2] C.R.S. § 14-10-113(2), (4) – Separate property categories; increase in value during marriage is marital | https://colorado.public.law/statutes/crs_14-10-113
[3] Social Security Administration – Ex-spouse benefits: age 62, unmarried, marriage of 10 years or more | https://blog.ssa.gov/ex-spouse-benefits-and-you
Written by Denver Family Law Attorney Myles S. Johnson
Divorce doesn’t have to be dramatic. For the litigants, losing your spouse is significant enough. But you can choose the way it affects your daily life. The only guarantee I can give is that the feeling that you have right now will not be the feeling you end with. This is a season in your life, and it must be approached that way.
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