Cerritos Divorce Lawyer: Special Issues of Late Life Divorce
Divorce effectively marks the end of a marriage. Couples seek divorces when they cannot feasibly stay together without making significant changes in each other lives or come to an agreement over any issues they may have with one another.
Divorce is a prospect that couples of any legal age face. While divorce is a process that many younger and middle-aged couples face, older couples also divorce.
Cerritos Divorce Lawyer: Late Life Divorce
Late life divorce is surprisingly an issue that many people do not face. Many older couples who may have irreconcilable differences may instead choose to remain married for the benefits and go their separate ways—effectively an ‘unofficial separation’ of sorts.
However, some older couples cannot effectively and ‘unofficially’ separate. They may want to move on with a different spouse and get married again. Others may prefer to be legally separated from their former spouse. When those issues come to the forefront, both parties should take a serious look at late life divorce.
The Issues of Late Life Divorce
All couples who choose divorce face unique issues related to the process. However, older couples who want to divorce face unique issues in terms of their age and what might be associated with it.
Asset division is an integral part of the divorce process. Older couples, however, have unique issues when it comes to dividing assets between either party. Those issues may include the following:
- Older aged patrons may be able to take advantage of certain real estate tax exemptions and waivers.
- Patrons aged 62 and up will be eligible for a reverse mortgage, which may provide an income stream.
- Having a primary residence gives older patrons special benefits, such as the ability to qualify for public benefits like Medicaid.
- Patrons also gain tax benefits, such as mortgage interest deductions and other tax-related exclusions from selling the home in the future.
Divorce may make dividing retirement settlements complicated, which is why it is imperative to have a Cerritos divorce lawyer on your side.
Talking to an experienced divorce lawyer will help you learn more about the retirement asset division process. Some of the unique issues of this particular process includes learning:
- When either party can receive distributions and avoid tax penalties
- Whether either party can get survivor’s benefits in the case of either spouse dying
- Whether either party has taken any loans out of a 401(k) plan that should be repaid before the asset division
An experienced divorce lawyer will need to take care of paperwork pertaining to the retirement division, and may have to handle legalities, such as a separate court order to handle said division process.
Divorce Lawyer – Cerritos Lawyer Help For Late Life Divorce
Sometimes, issues with the late life divorce, such as asset division, can complicate the divorce process. Therefore, you will likely need a divorce lawyer to resolve any problems regarding your late life divorce.
Contact us for a free consultation or more information regarding our Cerritos Divorce Lawyers or other questions about potentially hiring a lawyer for resolving issues with late life divorce.