In Golden and Jefferson County, Colorado, divorce for couples over the age of 50 is called a gray divorce. This type of divorce can bring its own specific set of issues – issues that differ from those of a younger couple. Usually property division is a more complicated issue during a gray divorce, because the couple has accumulated things together over many years. This tends to be a major concern for those facing a gray divorce – especially since they don’t have as much time to make up for any losses.
Retirement Accounts and Gray Divorce in Wheat Ridge: Valuable Assets During Divorce
Retirement accounts tend to be the most valuable assets that a divorcing couple over 50 have in Wheat Ridge and across Co. Accounts like pension plans, 401Ks, and IRAs are often considered marital property and may be subject to equitable distribution. If the account was established prior to the marriage, then the amount prior to the marriage is not considered marital property, but any value gained during the marriage is marital property and eligible for division. While you may feel comfortable with where your retirement accounts are now, after a divorce, you may not end up with as much as you anticipated, meaning your retirements plans may have to change a bit. It’s important that if you or your family member are going through a gray divorce, that they have an expert divorce attorney to help guide them through the process.
Gray Divorce and the Marital Home: Jefferson County Divorce Lawyer
If the house you shared with your spouse was purchased during the marriage or in both of your names, then it is marital property. The best way to handle the marital home is for the divorcing couple to decide if one party should stay in the home or if it should be sold. It’s important that if one party is choosing to stay in the home, that property taxes, home repairs, and general maintenance can be covered – especially while maintaining two separate households. If the two cannot come to an agreement about the house, then the decision can be left to the Jefferson County courts.