The divorce process can be complex, especially if it occurs later in life. You want to protect your financial future and may not know the best way to do this. An experienced Monroe gray divorce lawyer from Knight Law Firm can guide you through this challenging time.
For almost two decades, our divorce attorney has helped individuals and families in north Louisiana, including Monroe, Louisiana, with various family legal matters. You can trust our team to offer you compassionate legal advice and zealous client advocacy. Contact our law offices at (318) 323-2213 to discuss your case.
How Knight Law Firm Can Assist With a Gray Divorce in Monroe
Divorce can be emotionally devastating. If you have been married a long time or remarried later in life, realizing your future will be much different than you imagined can be devastating. Having an experienced divorce lawyer in Monroe, LA, is critical during this time to protect your rights and focus on what you do have control over.
An experienced Monroe gray divorce attorney can:
- Discuss Louisiana divorce and property laws and how they affect you
- Meet with you to determine your objectives and ways to accomplish them
- Review your financial records to fight for a fair divorce settlement
- Request additional information during the discovery process to ensure all marital assets and information have been disclosed
- Work with financial planners, tax advisors, and other financial professionals
- Develop qualified domestic relations orders to transfer funds from retirement accounts without incurring unnecessary tax penalties
- Negotiate a fair divorce agreement
- Litigate your case in court, if necessary
Contact Knight Law Firm today to take the first step toward securing your financial future.
What Is a Gray Divorce?
A gray divorce occurs when an older couple gets divorced, typically at age 50 or older. This may occur after the couple has spent many years or decades together, but they decide to end their marriage.
According to the United States Census Bureau, the percentage of adults aged 55 to 64 who have ever divorced is 43%. For those aged 65 to 74, the percentage is 39%, while for those aged 75 or older, the rate is 24%.
One research study found that the divorce rate for those 50 and older has doubled since 1990. Another found that the rate of divorce for people divorcing in their 50s or later was 36%.
What Legal Issues Are Unique in Gray Divorces?
While younger couples getting a divorce may have unique legal issues to deal with – like child custody and child support – older couple divorces tend to involve the following legal issues:
More Valuable Estates
With longer marriages, the couple has had more time to amass property together. They may have more valuable marital estates that consist of real property, cars, collections, furnishings, bank accounts, stock options, and other property. With more property, it may be more difficult to divide it fairly, or more disagreements may arise during the property division process.
Louisiana is a community property state, so the court will try to divide property so each spouse has an equal share of the value. An experienced divorce lawyer can meet with you to discuss your objectives and offer suggestions for accomplishing them.
Retirement Accounts
Divorce can take a significant toll on a person’s financial situation. When a couple divorces at a younger age, they have time to make up for the property they lost in the divorce, including half of their retirement account. However, in gray divorces, the spouses don’t have the benefit of time.
Even when retirement accounts are in one spouse’s name, any accounts opened during the marriage or earnings made during the marriage are considered community property and subject to division. This can cut a person’s retirement account in half, just as they were nearing or even in retirement.
More time may be spent dividing these accounts. Additionally, spouses may examine pensions, Social Security income, and other retirement benefits to evaluate whether they will be able to make ends meet during the next chapter of their lives.
Spousal Support
If the spouses had very different income levels, spousal support may be ordered. For example, one spouse may have stayed home to raise the children while the other worked outside the home. To obtain spousal support in a Louisiana divorce, the spouse wanting the support must show they need it, and they were not at fault for the divorce. This can add a layer of complexity to a case, especially if the couple has been married for a long time and issues have arisen during the marriage.
Older Children
Older couples seeking a divorce may have older children. Child custody may still be a factor, but the considerations of what an older child needs are different than those for what a younger child needs. Older children can weigh in with their preference about which parent they prefer to live with. Additionally, the couple may have concerns about supporting an older child, such as paying for their education, extracurriculars, or a vehicle.
Healthcare and Insurance Benefits
As people age, their health tends to decline. This can become a major issue in a gray divorce when one spouse may be at risk of losing healthcare insurance. Spouses may be concerned about what Medicare or other government-provided healthcare will cover and what it will not. They may need to understand the nuances of healthcare during and after divorce and consider alternative arrangements, so they have access to necessary medical care in their golden years.
Estate Planning
Divorce later in life can also disrupt estate plans. Many married couples name each other in fiduciary roles, such as executors, trustees, and powers of attorney. Getting divorced may complicate an existing estate plan and arrangements for long-term care and decision-making authority.
Grounds for Divorce in Louisiana
Louisiana recognized no-fault and fault-based grounds for divorce. Louisiana family courts can grant a no-fault divorce if the couple has lived separate and apart for at least 180 days if they do not have children or 365 days if they do have children. During this separation, they must have intended to end their marriage.
To get a divorce before this period of separation, a spouse would have to show the other spouse was at fault for causing the breakdown of the marriage. Fault-based grounds recognized in Louisiana include the following:
- Adultery
- Conviction of a felony
- Imprisonment
- Abandonment for one year or more
- Physical or sexual abuse
An experienced attorney can review your situation and explain whether you have legal grounds for divorce.
Before you can file for divorce, you must show that you or your spouse has been a resident of Louisiana for at least six months.
How Do I File for Divorce in Louisiana?
You begin the process of divorce in Louisiana by filing a petition for divorce in the parish where you or your spouse reside. You must then have your spouse legally served with the divorce papers. They have a chance to respond. You may be required to attend mediation or court hearings. Depending on the circumstances, your divorce lawyer may file a Reconventional Demand or Rule to Show Cause for a 102 Divorce, which asks the court to make your divorce final. After the court resolves all legal issues, it issues a judgment of divorce.
Ways to Plan for a Gray Divorce
Getting a divorce later in life comes with unique challenges and considerations. Here are some steps you can take to prepare for this next chapter of your life:
Create a List of Assets, Debts, and Income
It’s common in many marriages for one spouse to primarily handle the finances. If your spouse was the one who dealt with this, you may need to take some time to acquaint yourself with your financial situation. Create a detailed list of your assets, including what you own, each item’s value, and how you would prefer for these items to be divided. Also, write down all debts, their current values, and your proposed way to divide them. Because Louisiana is a community property state, all assets, debts, and income are generally 50/50.
Gather Documents
While you still have access to shared financial documentation, take a few moments to gather pertinent information, including:
- Your marriage certificate
- Birth certificates
- The deed to your house
- Bank account statements
- Credit card statements
- Tax returns for the last few years
- Check stubs
- Retirement account statements
Create a Divorce Budget
Consider your financial needs after divorce. You may need to downsize, sell your house, or take other actions to be on a financially secure footing. By creating a divorce budget now, your lawyer will be better positioned to advocate for your needs.
Consider Healthcare Options
Healthcare can be a significant expense for older individuals. You may confront unexpected costs if you find out your spouse’s health insurance no longer covers you. You may qualify for a different program, be able to secure healthcare insurance with your employer, use your state’s healthcare exchange, or qualify for coverage through COBRA. Explore your options and include updated figures in your budget.
Contact an Experienced Divorce Lawyer for Legal Assistance
If you are considering divorce or were recently served with divorce papers in Monroe, LA, an experienced lawyer from Knight Law Firm can discuss your divorce case and objectives during a confidential consultation. Call us today to speak with a Monroe gray divorce lawyer.
