Divorce Can Be Harder When You’re Older
Young couples, by and large, have little to lose when they decide to divorce. For people with established careers, grown children and assets accumulated over a successful life, the stakes of divorce are much higher.
At Stolar & Associates, A Professional Law Corporation, we have an established reputation in skilled, thorough divorce representation. While the term “gray divorce” is a bit subjective, it does describe the situation for many of our clients. Our perspective as mature professionals grants us insight into the unique challenges of gray divorce.
What Are The Unique Challenges Of Gray Divorce?
In a divorce between older couples, some common sticking points – usually child support and custody – are often non-issues. Instead, there are many delicate, extremely fraught discussions ahead of you concerning such items as:
- Retirement accounts
- Social Security
Since California is a community property state, divorce later in life means that the marital estate built over a long marriage could be rather sizeable. This means its division has more complexity.
Additionally, when an individual is the sole recipient of a gift, inheritance or legal settlement, the law considers those separate property. Older couples simply have more time to have received such assets, which may complicate the calculation of separate property and community property.
Divorce And Taxes
Your divorce will represent a global shift in your personal property and finances, which means significant tax consequences. You may find new challenges in a variety of areas, such as:
- Your filing status: Depending on how you filed before, you may have to alter that in next year’s taxes. However, that depends a great deal on the progress of your divorce.
- Spousal support: During a divorce, those who file separately must account for those payments, either as deductions or as income.
- Property taxes: While there are no immediate changes to your property taxes, what you owe in capital gains may increase if you sell your home after the divorce.
The more complicated the assets involved in the divorce, the more complex your taxes may become.
Our attorneys not only understand the law but as older people ourselves, we understand the issues personally. We bring that life perspective to your case for your benefit.
It Feels Like Starting Over Because It Is
Another reason people may be reluctant to file for divorce later in life is much more personal: fear of change. Even if a marriage has become distant and unfulfilling, moving forward with a divorce is still a massive change. It represents a new start for you, and that can be both exciting and daunting.
Our team of attorneys is thorough and respectful of you and your worries. We have represented people across Los Angeles in their divorces at any stage, and we can work with you.
Practical, Experienced Representation In Divorce
For over three decades, we have been a resource to clients in a variety of sensitive areas of the law. Because of our life experience, we can anticipate and respond to many issues our clients face before they become a problem. Reach out to us by email or by calling 310-800-2132.