Inglewood Divorce Lawyer: Late Life Divorce
Divorces are the legal termination of a marriage. This process is best characterized by the reorganization and end of legal duties and responsibilities belonging to the former marriage. The process ends the matrimony between a former couple under the laws of their jurisdiction.
It is highly recommended for both former spouses to get a divorce lawyer for legal representation. Divorce lawyers help either spouse successfully navigate and resolve the issues associated with the divorce process.
Our own divorce lawyers can help people like you get through the divorce process. Even if you are older, an Inglewood Divorce Lawyer can help you resolve the end of your marriage. Late life divorce is a divorce that occurs between a couple late in life.
Inglewood Divorce Lawyer – Addressing Late Life Divorce
A late life divorce occurs between spouses over 50 years of age. Due to the nature of both parties, special issues often arise in this type of divorce that are relatively unseen in younger, divorcing couples.
How are assets divided in late life divorce?
Aging couples often have access to several types of assets. Here are a few brief examples of those assets:
Property, such as homes – Spouses who ‘keep the house’ may eventually gain access to several senior benefits, including real estate property tax exemptions, reverse mortgages, primary residence public benefits (such as Medicaid), tax benefits, potential rental income and equity.
Retirement accounts – That includes any retirement benefits between either party. Rights to retirement funds, including fund division, is also decided in a late life divorce.
Social Security – These benefits are not divisible in a divorce, however, certain seniors are eligible for collecting a portion of their spouses benefits after reaching age 62 or older without reducing their spouse’s benefits.
What about estate planning for late life divorce?
Estate planning is another unique issue in later life divorce. Both parties are responsible for evaluating and designating beneficiaries as recipients of allotted assets and property as stated in each of their wills, while also designating medical directives and other legalities should either party die.
Both parties should ensure:
They negotiate and arrange death benefits for beneficiaries (including the surviving spouse) from life insurance, retirement plans and other financial resources.
They set up a will or life insurance policy that will provide security for any alimony, property buyouts or debts.
They ensure the divorce settlement helps establish trusts for the spouses’ agreed responsibilities, such as financial support for adult children or grandchildren.
Many seniors choose not to get a late life divorce. However, a later life divorce may be the right decision for parties who cannot amicably agree to live the rest of their lives together.
You may need a divorce lawyer to resolve problems concerning your late life divorce. Contact us for a free consultation or more information regarding our Inglewood Divorce Lawyers or other questions about potentially hiring a lawyer for late life divorce.