Gray Divorce in Virginia: What Older Adults Need to Know When Negotiating A Settlement
Divorce rates among couples over 50 are on the rise throughout the country, and Virginia is no exception. Otherwise known as ‘gray divorce,’ much is at stake in these cases.
Not being aware of common issues when negotiating a settlement in a gray divorce can put you at a distinct disadvantage, potentially impacting your financial security and well-being for years to come. Our Virginia divorce attorney explains more about gray divorce and the key considerations to address.
Common Factors In Virginia Gray Divorce Cases
“Gray divorce” refers to couples who divorce later in life. According to the Pew Research Center, the divorce rate among people over 50 has more than doubled since the 1990s, as many older adults seek a fresh start later in life.
What causes an older couple to get a divorce in Virginia despite often being married for multiple decades? Each case is as individual and unique as the people involved, but common factors that contribute to this trend include:
- Longer life expectancy: People live longer and want to spend their later years in more fulfilling relationships.
- Financial Independence: Increased financial success and security can make getting a divorce a more viable option.
- Changing social norms: Divorce is no longer as stigmatized as it once was, and older adults feel less pressure to stay in an unhappy marriage.
- Changes in outlook or lifestyle: Changes in personality, values, and goals over the years can cause spouses to grow apart.
- Children have grown: Once they face an empty nest, couples in unfulfilling marriages no longer feel pressured to remain together.
Key Considerations When Getting A Gray Divorce In Virginia
Ending a marriage later in life requires careful planning to protect your financial future and emotional well-being. The following are key considerations:
- Marital property and asset division: Under the Virginia Code, you have a right to a fair share of all homes, vehicles, household furnishings, and other property accumulated during the marriage, as well as shares in businesses and money in financial accounts.
- Division of retirement benefits: You may be entitled to a portion of any pensions, 401(k)s, or other retirement accounts your spouse has, as well as a portion of their Social Security retirement benefits in a divorce.
- Spousal support: If you relied on your spouse for financial support, you may be entitled to alimony payments in Virginia.
- Estate planning: Consider beneficiary designations in wills, trusts, and life insurance policies and how a divorce could impact your and your adult children’s inheritance rights.
Schedule A Consultation Today With Our Experienced Virginia Divorce Attorney
Gray divorces involve complex legal issues. Any settlements or final orders can impact your financial security and well-being for years into the future.
At Schwartz Kalina, PLLC, we provide trusted, professional legal representation to clients in our community, helping them get what they need to move forward with their lives. To protect your rights and your future, call or contact us online. Schedule a consultation today with our experienced Virginia divorce attorney.
Sources:
pewresearch.org/short-reads/2017/03/09/led-by-baby-boomers-divorce-rates-climb-for-americas-50-population
law.lis.virginia.gov/vacode/title20/chapter6/section20-107.3/
blog.ssa.gov/ex-spouse-benefits-and-how-they-affect-you/
