What You Need to Know About Divorce After 50 in Gwinnett County

Getting a divorce is not something that only people in their 20s and 30s do. Those who married, built a career, had children, and bought a house together may decide, later in life, that divorce is the necessary next step in life. This article explains considerations for a divorce after 50 in Georgia, often called a grey divorce.

At Attorney Sharon Jackson LLC, we work with people who are ready for a new chapter in their lives, no matter what their age. Set up a consultation to learn more about what we can do to help you navigate divorce over 50 in Georgia.

What is Gray Divorce?

Gray divorce refers to a couple divorcing after reaching the age of 50. Some individuals built an entire life together. Others may be just a few years into the process.

There are various reasons why grey divorce takes place and why it is a growing trend in the area:

• Financial disagreements. You may no longer be able to make wise financial decisions together. You just do not agree, and it is time to move on.
• Empty nest syndrome. If you raised children and that was the focus of your relationship, it may no longer be satisfying to remain in a marriage with someone who does not bring you joy. You may lack the common task of raising kids that holds you together.
• Straw that broke the camel’s back.  Sometimes we put up with bad behavior for the sake of the family or the sake of our careers. Maybe your spouse cheated one too many times or caused you to have a health scare or incident because of their cheating and you’re finally fed up. Maybe it was one too many insults or verbal slights.
• Growing apart. Simply, some people change as they get older and may no longer have the same interests as they did when they were younger.

A late-life divorce is not a bad decision. Mature divorce can be a fresh beginning that allows you to explore a very different world. However, there are factors to keep in mind that make these divorces a bit more complex.

Key Legal Considerations in a Divorce Over 50

As you navigate divorce over 50 in Georgia, there are a few specific legal considerations to mind and plan for before moving forward. In an ideal world, you will hire an attorney to represent you through this process.

Division of Assets

The complexity of divorce after 50 starts with the need to divide assets fairly. Georgia is what’s called an equitable distribution state, which means that the assets from your marriage are fairly divided based on the financial contributions of each party in the relationship. Many older couples have more assets to consider, such as:

• Retirement accounts
• Pensions
• Real estate
• Business interests
• Investment accounts

Alimony

In many cases, especially when one person stayed home to care for children throughout much of the marriage, alimony is a factor. Alimony and spousal support are the same thing. It is when one party financially provides monthly or regular financial support to support an ex-spouse.

The courts determine alimony based on how long the marriage was, for example, as well as the ability of each party to work to support themselves at this point in their lives, especially if they have not had to do so for some time.

Social Security and Retirement Benefits

Retirement and divorce can become factors when you consider the right to Social Security each person faces. Social Security benefits and pension division, often the core components of retirement income for those who are older, may be different after divorce. For example, if the marriage lasted at least 10 years, the former spouse may be eligible for Social Security benefits based on not just their own work history but also that of their former spouse.

Estate Planning and Beneficiaries

Another factor to take into consideration through the gray divorce process is the need to update documentation and legal details, including:

• Wills
• Trusts
• Power of Attorney
• Insurance Benefits
• Beneficiary Payout forms

You want to be sure these documents provide clarity on what you want to happen after your divorce occurs.

Financial Challenges in a Late-Life Divorce

As you consider the future, know that your attorney can help you create a plan that is representative of your best possible outcome in each of these areas:

• Impact on retirement savings. You may no longer contribute to retirement accounts.
• Financial security. The division of your estate, even when made fairly, means costs rise considerably, and that may mean less overall funding to manage your financial needs.
• Protecting your financial future. To protect your financial future, your attorney will work with you to put in place strategies to mitigate tax-related losses and investment costs, as well as protect your right to assets.

Georgia's alimony laws make it clear that many spouses have the right to receive alimony, yet this is not a simple process or an easy-to-prove situation. For that reason, consider the following:

• Keep track of all of your expenses leading up to the divorce and after. This works as proof of your needs.
• Be ready to hire help. Working with a financial planner could be critical in creating a solid way forward for your future.
• Create a budget and stick with it. The most financial impact happens in the first year, but creating a plan that allows you to remain clear on what your needs are can be critical.

Divorcing Over 50 With Grown Children

If you wait to divorce later in life for the kids, there are still factors to think about during this process. Communicate openly with your adult children about your needs and goals. Take their emotions into consideration. It may also be time to consider grandparents' rights and how you can maintain relationships with members of the family who may no longer be easy to contact.

Navigating Grey Divorce in Georgia Courts

In Georgia courts, there are options, including either mediation or litigation. The right path for your decision is dependent on how well both of you can come to an agreement. Hiring the right Gwinnett County divorce attorney will help you.

Next Steps for Those Considering Divorce over 50

Prepare financially, emotionally, and legally. This is a process that requires careful legal guidance to ensure you are set up for the best possible future from a legal and financial perspective. You will need the right support system, including emotional resources and legal and financial teams to guide you.

Turn to Attorney Sharon Jackson LLC to discuss your goals and your options.  We can help you anywhere in the Metro Atlanta area and all surrounding counties. Contact us at (678) 436-3636 today to learn more about your rights.