Divorces among couples over the age of 50 have increased in the last 20 years in Pennsylvania and across the country. These so-called gray divorces often involve couples who have been married for decades. Among the many issues to consider in a high asset divorce are the possibility of spousal support and the division of retirement funds and other martial assets.
Because of the assets couples typically have accumulated over the years, gray divorce negotiations can be complicated. Retirement accounts often take on increased significance in these circumstances. An experienced family law attorney can seek a Qualified Domestic Relations Order and file it with the retirement plan administrator. Consideration as to who will be designated the surviving beneficiary will also need to be addressed.
A skilled attorney can further advise on how to handle Social Security benefits and insurance policies following a divorce. Many couples often obtain joint long-term care insurance policies that may need to be altered in a divorce. Reviewing the terms and understanding the options and impact of swapping a joint policy for individual policies is important to consider prior to the final divorce decree. Because some divorcees may be able to receive some Social Security benefits based upon a former spouse’s work record, it is important to speak with an attorney about the process and request Social Security statements during negotiations.
A high asset divorce at any age is complicated and painful. Pennsylvania family law attorneys are experienced with handling complicated divorce cases and can advise accordingly. In addition, attorneys are equipped with resources to help individuals determine the best outcome based on his or her needs.