Each year thousands of California residents go through a divorce. It is probably one of the most common legal proceedings in America. But, no matter how common divorces are in our country, each individual divorce case is unique, and is especially important to those involved. The impact of a divorce can be both immediate and long-lasting.
In America right now, the instances of so-called “gray” divorce are getting quite a bit of attention in family law circles. These are divorces involving couples who are older, usually age 50 or more. In fact, a recent news article specifically examined how the consequences of a gray divorce can impact the lives of those involved.
The financial impact
Although there are many different ways a divorce can impact a person’s life – emotionally and financially, in particular – the recent news article noted that the financial impact can be especially important for older couples who are going through a divorce. As the article noted, the financial situation of an older couple can be complicated, with many assets at issue. Social Security benefits may be at issue as well, and so might tax implications. Your estate planning arrangements may need to be adjusted and your health insurance coverage needs to be examined too. Each case is unique, so the financial impact of your gray divorce could be even more of an important issue.
At our law firm, we work with our clients who are going through a divorce to understand their options and how the case will impact their lives going forward – no matter their age. For more information about how we attempt to help California residents who are considering how a divorce might impact their lives, please visit our website.