Even though the divorce process is regulated by Maryland law, every divorce that passes through the courts takes its own path. That is because the individuals who participate as parties in divorces have their own specific needs, expectations, and circumstances. For example, the age of the parties to a divorce can change how it is approached and what the parties may prioritize during its negotiations.
A gray divorce refers to divorce between parties of an older age. Often, gray divorces do not involve child custody and support concerns, though they can if minor children are in the parties’ family. They can involve the division of wealth between individuals who have spent their lifetimes growing and building their assets together.
This post does not offer advice on gray divorces. It discusses some of the legal and financial matters that may be relevant to gray divorcees. Individuals with questions about the contents of this post should contact their trusted Rockville family law attorneys.
Dividing assets in a gray divorce
Gray divorces can involve significant assets and shared wealth. That is because over time, some couples choose to jointly own property and to share it as marital property. Marital property is property that can be classified as owned by both spouses as opposed to just one. After decades of marriage, spouses may share real estate, checking and savings accounts, investments, retirement accounts, insurance policies, and high value property like artwork, vehicles, and jewelry.
As readers can tell, there can be a lot of money on the line during a gray divorce. With the help of their attorneys, many couples can find reasonable and fair solutions to their differences when it comes to dividing up property.
Alimony in a gray divorce
When a marriage ends, it is possible for one of the parties to seek support from the other. Often one spouse may be financially disadvantaged due to their role as the children’s caregiver or household manager. That party may seek support from their ex in order to have the financial capacity to live.
Age can be a factor when alimony or spousal support is determined. Just as the facts of a divorce case will influence how property is divided, the facts of a divorce will impact if and how support is awarded. Questions about these and other gray divorce topics can be discussed with readers’ trusted family law attorneys.