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Tuesday, June 21, 2016

Issues That Often Arise in an Older Couple’s Divorce

Divorce is something that has no age limit as older couples find themselves among the many Americans who divorce every year. While child custody is not always an issue in these divorces, retirement benefits and insurance plans can play a very important part. These factors create more need for a experienced Charlotte NC divorce lawyer to work on your side. Here’s a look at the important aspects of a divorce among older couples.

Retirement Plans
A prenuptial agreement will clear up a lot of gray areas when it comes to retirement plans. But without a prenuptial agreement, there will be the need to tally up assets and that includes retirement plans and 401(k). What generally happens is that any assets added to those retirement plans after the date of the actual marriage will factor into the couple’s assets. That balance is considered to be the marital portion, which will be divided up in the divorce. How that balance is divided all depends upon the divorce proceeding. Collaborative divorces in Charlotte are settled amicably while other divorces revert to a judge’s ruling when it comes to splitting that balance.

QDRO
A QDRO (Qualified Domestic Relations Order) in also prominent in ‘gray’ divorces. This is a legal decree that enables a spouse to receive money from a retirement plan or account. This could also be considered payment for spousal or child support. However, that money can also be transferred to the spouse’s IRA as there are often percentage deductions when that money is transferred directly. But drafting and carrying out a QDRO is not as simple as there are guidelines for dividing up a 401(k). Attorneys who are not privy to the finer points of those details could wind up costing their client in the long run. QDRO’s can be rather complex.

Insurance Benefits
If both spouses worked and had their own health insurance, this will not be an issue. However, there are often links between health insurance among married couples. A non-employed spouse could raise the issue of how he/she will pay for health insurance moving forward. Life insurance policies also need to be adjusted and women who are receiving alimony may want to consider purchasing a life insurance policy should anything happen to their ex-husband. Older couples also need to consider the costs of disability insurance, which is higher for older individuals.

If you are seeking out a divorce at any age, the team at Southpark Family Law NC can help. There are so many issues in each divorce that it is important to have a qualified divorce lawyer by your side. Southpark Family Law is ready to provide you with an experienced family law attorney who can ease you through the divorce process.