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Older individuals and divorce: protecting financial interests

Divorcing later in life is not uncommon, but it can bring a host of complicated issues that may not be as prevalent for younger Kentucky couples. Gray divorce is a term used to describe these couples who divorce closer to retirement, and it is critical to prepare and educate oneself in order to effectively navigate the issues at hand. This type of divorce can be significantly complex in certain areas.

One of the main reasons that a gray divorce can be difficult is that one or both parties may have been out of the workforce for a significant amount of time. If one spouse is still working, it is possible that there is significant financial disparity between the two parties. Either way, protecting future financial interests should be the primary concern during a divorce.

Full disclosure of all assets and debts is important, but so is the careful consideration of the tax implications of the distribution of marital property. A person who is dependant on a spouse for financial stability may not be able to carry the financial responsibility of retaining ownership of the house. A person considering divorce should also weigh the property taxes that can come with obtaining other valuable assets during a divorce.

An experienced family law attorney is the most valuable ally for an individual facing this situation. He or she can help a person consider legal options and choose the approach that best ensures future financial stability. The first step toward understanding what lies ahead in a divorce and securing the legal counsel that is needed is scheduling a complete case evaluation with a Kentucky lawyer. 

Source: money.usnews.com, "Gray Divorce: What Women Who Divorce Later in Life Need to Know", Debbie Carlson, July 21, 2016

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Tasha Scott Schaffner, PLLC - Attorneys at law

505 Centre View Blvd.
Crestview Hills, KY 41017

Phone: 859-491-1011
Fax: 859-491-1899
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