While lawyers and judges are the ultimate legal experts, of course, I believe that every citizen should take the time to learn a little about law for several reasons. First, it is important to know your rights, and knowing them can come in handy if anyone ever accuses you of a crime you didn't commit or threatens you legally in another other way. Second, learning about your local, state, and federal laws can help you act as a better citizen. When election time comes around, you can then truly understand ever change in law being proposed by a candidate and whether it benefits society or not. I plan to share posts about law topics explained in plain English on my new blog, so you can come back often to sharpen your legal knowledge!
When a long-married couple divorces, it's not likely to be a quick and easy experience. Not only are the couples likely to be older, but they may also be dealing with larger financial issues and a lot of entangled assets. Read on to find out how a long-term marriage that results in divorce is different.
How Things Differ for Long-married Divorcing Couples
When a couple divorces after a long marriage, there are several special considerations that may come into play. Here are a few examples:
Division of assets: In a long-term marriage, the couple may have accumulated significant assets over the years, such as a home, retirement accounts, and investments. Dividing these assets can be complicated and may require the assistance of an experienced divorce attorney or financial planner.
Spousal support: In many long-term marriages, one spouse may have given up career opportunities to support the other spouse's career or to care for the family. In these cases, the court may award spousal support (also known as alimony) to the lower-earning spouse to help them maintain their standard of living after the divorce.
Health insurance: If one spouse was covered under the other spouse's employer-sponsored health insurance plan, they may lose their coverage after the divorce. In some cases, the court may order the higher-earning spouse to continue providing health insurance for the lower-earning spouse, or the lower-earning spouse may need to find their own coverage.
Retirement planning: Divorcing after a long marriage can have a significant impact on retirement planning, as the couple's retirement savings may need to be divided between them. It's important for each spouse to work with a financial planner to understand the impact of the divorce on their retirement plans and to make any necessary adjustments.
Emotional impact: Divorcing after a long marriage can be emotionally challenging, especially if the couple has been together for many years and has built a life together. It may be helpful for each spouse to seek the support of a therapist or counselor to process their feelings and navigate the transition to single life.
One issue that probably won't be part of this type of divorce is having to deal with minor-aged children. Children, custody, visitation, and child support can take up the largest part of divorces among those who are younger in shorter-term marriages. That is not to say that the breakup of a marriage won't affect the adult children of the marriage, of course.
Contact a company like Reisinger Booth & Associates to find out more.