Grey divorce or Silver Splitter or Diamond Divorcees is a term referring to the demographic trend of an increasing divorce rate for older (“grey-haired”) couples in long-lasting marriages. Grey divorce – Wikipedia
Grey divorces often involve individuals who have amassed real estate holdings, stocks, investments, retirement and pensions. If a grey divorce couple are living off of retirement funds considerations need to be made regarding how each of the parties will be able to support themselves once those funds are split. Assuming there is no prenuptial agreement, the first thing the court will do with a grey divorce couple is to equitably distribute all assets and liabilities.
Many times, couples in a divorce will be receiving pension and retirement distributions. These pose special considerations for the lawyer in a grey divorce because these investments are a hybrid of income and assets. It is important in a divorce that assets are not double accounted for as income for alimony purposes and also for asset division purposes. In addition, it is important when dividing assets in a grey divorce that one spouse consider who will receive the non-income producing assets vs. the income producing assets.
If one of the spouses in a divorce seeks the non-income producing assets, they may be positioning themselves to be the recipient of more spousal support from the other spouse who holds the income producing assets. In some cases, a divorcing couple may have government retirement benefits. Some government retirement benefits cannot be split according to federal law regardless of how long a divorcing couple were married. Therefore, it is important that the lawyer representing a divorcing couple understand these unique complications so that a fair and just result is achieved in the divorce.
There are many strategic considerations to be made when representing a grey divorce couple whose divorce may pose more sophisticated legal issues than the typical divorce.
If you are getting a divorce and you have questions about division of assets and debts, call the lawyers at Filler Rodriguez LLP at 305.672.5007 for a consultation.