Research shows that the number of people getting a divorce past the age of 50, often referred to as a “gray divorce,” has nearly doubled in the last 20 years. While the overall numbers show that divorce in the general population has actually slowed, baby-boomers continue to divorce at a high rate. There are different ideas and theories about what may be leading to these divorces, including the transformation of views on marriage over the years and an increase in spouses focus on their own levels of happiness.

No matter what the reason may be, going through a divorce at this stage in life can present unique challenges that younger divorcees are unlikely to encounter. In some ways, the longer the marriage has lasted makes it more difficult to end. Listed below are some of the more difficult challenges of a gray divorce.

Dividing incomes and property

Once people reach a certain age in life, they become more settled and dependent on a set income, from savings, social security, pensions, or any other retirement fund. Figuring out how to split that income in a way that is fair to both spouses can be tricky. Equally as tricky is dividing any and all properties and possessions that may have been acquired during the marriage. Many people find that once they’ve split up incomes and properties, they can no longer afford to live the lifestyle they were once used to. Senior couples especially should consider finances carefully as they make a decision to divorce.

Taxes

On the road to divorce, some important details, including some of the financial advantages of being married, can be easily overlooked. A perfect example of this is taxes. Once divorced, the previously married couple will have to file their taxes separately, which automatically puts them in a higher tax bracket. This can sometimes come as a shock after years of filing jointly as a married couple. Taxes also play a major role in the division of funds in any retirement plan. There are very specific steps that must be taken in order to ensure both parties are protected from owing taxes on these funds. In some cases, if these steps aren’t completed properly, both parties can incur tax penalties.

Health Insurance

Obtaining health insurance once you’re past a certain age can be extremely difficult. Insurance companies have stricter requirements, not to mention that the older we get, the more health complications we usually face. Many people are insured by their spouse’s health coverage at work or through a family policy. This could lead to a gap in health insurance coverage as the divorce finalizes. In fact, some attorneys are even known to encourage legal separation instead of divorce for seniors with health issues. This allows them to remain covered by the current health insurance policy.

With any divorce, there are many different aspects and details to consider. Every situation is different and presents its own challenges. Attempting to navigate through a divorce on your own can be very difficult. It’s not worth the stress, especially when there are knowledgeable and reasonable divorce attorneys available to help.

Brad Crider has worked with clients going through a “gray divorce” and has helped them see a favorable outcome. Give the offices of Crider Law a call today to schedule your consultation.

Family law attorney Brad Crider might be best known for his knack and ability to handle the complex division of assets and debts in divorce proceedings. He is not only a numbers whiz, but his undergrad study in business administration lends itself well to this often complicated task. This makes him a strong ally if you’re involved in a divorce where real estate holdings, businesses and investments are among the assets to divide.

The division of assets in a divorce proceeding can either be extremely simple or extremely complicated. There are essentially three basic steps involved:

1. Identifying all property and debts
2. Separating property and debts into either community property or separate property
3. Valuation of community property and debts

Separate or sole assets and debts are those acquired before the marriage whereas community assets and debts are those acquired during the marriage. These assets might also include inheritances and gifts. Both separate and community assets and debts must be clearly identified and valued in order to determine how to split them up fairly during the divorce.

Even though it may seem like a simple process, it can become quite complicated. For example, in some cases, a piece of property can actually be determined to be partially community and partially separate. An experienced attorney who has been involved in complex division of assets and debts before will play an important role in swaying the court as the division of the assets are determined.

Contact Crider Law to set up your initial consultation today. Let Brad discuss your case with you and give you a basic plan in moving forward. The last thing you’ll want to do is go into a complex and complicated division of assets on your own. Attorneys are well informed on the legalities and strategies used to reach the most optimal outcome.

One of the most complicated and difficult issues in divorce proceedings involves the valuation and distribution of marital property. When there is a business involved or tied to the marriage, it can make the process even more involved and expensive. In many cases, the interest in the business is the most valuable asset of the marital estate.

It then becomes important to involve an experienced business valuation attorney who understands the process and the law to help sort through this process. There are different approaches to value a business, and often, valuation conclusions come back different from each other. The attorneys involved have the responsibility to argue for their clients and persuade the court in order to reach a fair division of the business.

Tangible and Intangible Assets

When determining the value of the business, its assets are typically broken down into tangible and intangible assets. Tangible assets include cash, inventory, equipment and accounts receivables. These are typically the physical assets. Non-physical assets such as trademarks, patents, copyrights, and contracts that grant rights and privileges are considered intangible assets.

Once they are sorted out, experts will attribute value to each of these assets based on specific standards and methods. There are some difference in the recognized valuation methods, which means that many times the value for assets will come back different from each other. Most often, the date of valuation is a key factor in the differences of value. Very rarely do two business valuation experts arrive at the exact same conclusion.

Determining an Outcome

In a divorce proceeding, both parties will typically engage his or her own business valuation expert who will present their opinion in a formal report. The experts will also testify in court or mediation. During their testimonies, the experts will explain how they arrived at their determination, including analysis and outside opinions. The judge is then left to decide which value to accept.

This is why it’s crucial to have the right attorney representing you. Your attorney will be able to make strong arguments for your case while calling into question the information provided by the other party involved. Having an attorney with a business or finance background can be very beneficial.

Family law attorney Brad Crider has extensive experience in business valuation in divorce proceedings. His bachelor’s degree in business administration has helped him lead his clients to successful outcomes in many divorce cases involving a business. Put his experience and aggressiveness to work for you. Give Crider Law a call today to set up an initial consultation.