Favorite Hollywood comedic team Danny Devito, 67, and his wife, Rhea Perlman, 64, have split after 30 years of marriage. The duo joined the unprecedented number of couples over 50 who are ending their marriages. According to the American Academy of Matrimonial Lawyers, the phenomenon of gray divorce is a recent one, reflecting the changing mores of a generation.
In a recent study by the National Center for Marriage and Family Research at Bowling Green State University known as the Bowling Green study, statistics show that the rate of divorce over the age of 50 has doubled in the last 20 years, even as the national divorce rate has seen a slight decline. Gray divorce is characterized by a host of financial issues, giving way to a new area of family law.
Financial implications of gray divorce
Social Security benefits
When a couple divorces at or beyond retirement age, the division of Social Security benefits is often at issue. If one spouse worked and one stayed home, or one spouse was a higher wage earner, the benefits can be grossly unequal. Some judges compensate by assigning a larger portion of marital assets to the lower-earning spouse.
Retirement accounts and QDRO
401 (k) plans and other retirement accounts can be divided between spouses with a Qualified Domestic Relations Order (QDRO). The specific details of the division of retirement assets vary, so it is best to contact the provider directly.
Marital assets of worth
Any property or money earned or acquired during the marriage is a marital asset and is divided upon divorce. Exceptions to this include inheritance or a gift to one spouse if it was not comingled. If a couple owns works of art, a wine collection, antiques, or other items of value, those items must be sold or divvied up.
For best results, seek advice
Anyone who is going through a divorce should get professional advice. If you were not responsible for financial matters during your marriage, it is a good idea to consult with a financial expert at this time. For sound legal advice and guidance, hire a divorce attorney who is familiar with the issues unique to divorce in midlife.
Born in Havana, Cuba, Paul Chatzky is fluent in Spanish and English, enabling him to effectively represent a wider range of individuals and families. He is AV® Preeminent™ Peer Review Rated by Martindale-Hubbell®, and is listed among Illinois Super Lawyers, which is a reflection of his high ethical standards and exceptional legal knowledge. As a…
Prior to joining the firm as a paralegal, Debbie was employed by major banking institutions as a loan processor and as an executive secretary. Debbie was also employed as an administrative assistant for the Board of Jewish Education. Having majored in Sociology, Debbie graduated from the University of Florida in 1980. Debbie completed her studies…
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