When a couple files for a divorce relatively late in life, special considerations must be taken into account regarding health, retirement, and other age-related issues that may be less relevant to younger spouses who are parting ways. The Nashville family law lawyers at Martin Heller Potempa & Sheppard PLLC have the experience and sensitivity to guide people who are going through a late-life divorce. Our firm is dedicated to understanding the specific needs and goals of each client. We aim to help individuals who are parting ways with a spouse move on emotionally and financially as smoothly as possible.Special Considerations in Late-Life Divorces
Not only is deciding to end a marriage when you are over 50 years of age more emotionally difficult, but also financial issues in these types of divorces tend to become more complex. For example, each spouse in a marriage that ends later in their lives does not have as much time to recover from the financial impact. Dividing assets, such as a family home or a business developed by the couple over decades, can be particularly contentious during a late-life divorce. Moreover, age often factors into eligibility requirements for real estate property tax exemptions, reverse mortgage considerations, public benefits, and any rental income or equity access.
Another complicated asset to divide consists of retirement plans. Sometimes, a separate court order is necessary to divide these benefits. Considerations to discuss with a knowledgeable attorney include whether you are entitled to survivor benefits if your former spouse passes away following a divorce, and whether you can receive distributions without tax penalties. You also may want to investigate the existence of any loans taken against a 401(k) plan and whether you are entitled to contributions following a divorce. When one or both spouses have served in the armed forces, issues may arise regarding military retirement benefits.
Additionally, if your marriage lasted over 10 years, and you divorce when you are 62 years of age or older, you may collect retirement benefits from your ex-spouse’s Social Security, without reducing his or her benefits after a divorce. Survivor benefits may also be available following a divorce if a marriage lasted over 10 years and you are at least 60 years of age, assuming that you are not already entitled to benefits that are equal or greater. Given the nuances of these issues, it is important to consult an experienced attorney who can help you determine an appropriate settlement in a late-life divorce.Discuss a Family Law Matter with a Nashville Lawyer
In pursuing a late-life divorce, a variety of issues may arise involving property division, spousal support, and more. The Nashville family law attorneys at Martin Heller Potempa & Sheppard PLLC can help determine and pursue a resolution that aligns with your individual interests. We are committed to making sure our clients receive dedicated and detailed legal representation as they go through the life-changing process of moving on from a marriage. Our divorce attorneys represent people throughout Davidson and Williamson Counties, including in Franklin, Cool Springs, East Nashville, and Hillsboro Village. If you are considering a late-life divorce and need legal guidance, call us at 615-800-7096 or contact us online to set up an appointment.