Divorce rates for people over the age of 55 have skyrocketed in the past 35 years. For the first time ever, older adults are more likely to be divorced than widowed, and this trend is expected to continue as the Baby Boomer generation ages.
Commonly referred to as “gray divorces,” the separation of older couples often brings about significant financial and lifestyle changes. Since many older couples built their lives together over decades, the process of untangling these enmeshed lives can be particularly challenging.
If you are considering divorce after a long-term marriage, here are a couple of important factors to keep in mind:
Spousal Support
In Virginia, the court may order one spouse to pay the other spousal support or alimony. When deciding whether to award alimony, one of the court’s key considerations is the length of the marriage.
For marriages lasting twenty (20) years or more, it is highly likely that one spouse will receive spousal support payments. This support may be granted for a set number of years or even for life, depending on the circumstances.
Retirement Considerations
In an equitable distribution state like Virginia, the money accumulated in retirement or pension accounts during the marriage and before separation is considered marital property and may be divided between you and your ex-spouse.
For example, if you and your employer contributed to a retirement account for 25 years, but you worked for 7 years before the marriage and continued through 18 years of marriage, your spouse would only be entitled to share the benefits accumulated during those 18 years.
Seek Legal Assistance
If you’re going through a divorce after many years of marriage or have any other family law concerns, it’s important to seek advice from a knowledgeable attorney. The experienced family law attorneys at DiPietro Family Law Group have decades of experience handling all types of family law matters and are here to help you.