Spousal Support and Property Concerns When Getting Divorced After Age 50

 Posted on September 09, 2021 in Divorce

Did you know that older people make up a huge percentage of divorcing couples in Michigan? So-called “grey divorce” is on the rise in Michigan and across the U.S. 

If you are thinking about getting divorced and you are over age 50, it is important to realize that you may face unique obstacles during your divorce case. You may need to address complicated financial and legal issues including the division of assets and retirement funds as well as spousal support. A knowledgeable divorce lawyer with experience in gray divorce cases can help you understand the challenges you may face during your divorce and meet those challenges head-on.  

Divorce When You Are Close to Retirement

If you are in your 50s or 60s, the effect of your divorce on your retirement plans is probably a top concern. Understandably, you want to ensure that you will still have the retirement funds you need to live independently once you have stopped working. Retirement accounts are usually classified as marital property during a Michigan divorce. This means that both spouses have a claim to the funds contained in the retirement account regardless of which spouse’s name is on the account. You may need to use a qualified domestic relations order (QDRO) to divide retirement funds. The funds that accumulated before the spouses got married may be considered separate property to which only the named spouse has a claim.

During your divorce, you may need to address hard-to-divide assets like:

• Pensions

• 401(k) plans

• IRA and Roth IRAs

• Stocks

• Real estate

• Investments

• Business interest

• Collectables

• Jewelry

• Art

• Antiques

Spousal Support in Your Michigan Divorce

Alimony or spousal support is awarded when a spouse requires financial assistance after a divorce. Spousal support may be temporary, permanent, periodic, or lump-sum. If there is a major discrepancy in the spouses’ incomes or if a spouse has been out of the workforce for a significant period of time, the lesser-earning spouse may be entitled to spousal support. Usually, a spouse is awarded support only for the amount of time it takes him or her to become financially independent. However, permanent spousal support may be awarded if the couple was married a long time and the recipient spouse is disabled or otherwise unable to work.

Contact an Oakland County Divorce Lawyer

If you are over age 50 and you plan to divorce, contact the Novi divorce attorneys at Elkouri Heath, PLC. Our team understands that getting divorced later in life is often more complicated than getting divorced in your 20s or 30s. We will help you address the valuation and division of retirement funds and other assets, spousal support, and other divorce issues. Call 248-344-9700 for a confidential consultation.

Source:

https://www.michigan.gov/documents/ors/R0912X_DRO_Instructions_365736_7.pdf