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The financial consequences of divorcing as a senior man

Divorce is not just for the young and inexperienced. You may have been with your wife for decades yet want to legally end the marriage for a variety of reasons. Although divorce among seniors (gray divorce) is a growing and socially acceptable trend, it does not come without consequences. This stage of life brings its own unique divorce challenges, especially when it comes to your finances. Awareness and preparation can help lessen the effects.

Spousal support

Even though your children may be adults and you do not have to pay child support, your wife may still demand spousal support. You may receive a temporary order based on a set formula. However, in California, the judge bases the final order on the following factors (applicable to you and your ex):

  • How long you were married
  • How old and healthy you are
  • What your standard of living is
  • What you can pay to maintain that standard
  • How many assets you own
  • How much debt you have
  • How spousal support will affect your taxes

There may be additional factors depending on your circumstances, such as your wife supporting you through higher education or she has limited job skills due to having been a stay-at-home mother.

Pension plans

The retirement funds you accrue during your marriage become marital property, which means your ex has claim to it. How much relies on the type of pension plan you have and how long you were married. Dividing this asset is extremely complex and requires additional legal documents. It is best to handle pension plans with the help of a California family law attorney to prevent costly mistakes.

Estate planning 

Divorce affects the division of all your joint property and assets. In addition, you may need to modify your last will and testament, living will and durable power of attorney to reflect your future circumstances. With the assistance of an experienced lawyer, you can be prepared for all these changes and have a better financial outcome.

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