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Protecting your assets in a late-life divorce in Kentucky

| Jun 22, 2018 | Firm News |

Divorce among people who are age 50 and over is continually increasing. As more people divorce later in life, the need for qualified legal assistance in cases of gray divorce is becoming more critical than ever before. 

People facing a late-life divorce have financial concerns that significantly differ from couples who divorce at a younger age. Given this, if you are facing a gray divorce, you need to know what these particular issues are and how you can mitigate the risks associated with them.

Retirement accounts in gray divorce

Couples facing divorce later in life are often concerned about financial assets that younger couples may not have. For example, older couples have usually accumulated a greater amount of wealth in terms of savings, investments and retirement accounts. You may have concerns about how divorce will affect your retirement funds. This is especially critical at a later age when there is less time to rebuild finances for the future. Since you will have to support yourself after your divorce, you need to maximize the amount of funds you have already accumulated. A qualified divorce attorney who works with gray divorces can help you understand how to do so.

Property in gray divorce

One of the most critical designations that take place during a divorce is the identification of marital property versus separate property. This is of crucial importance in Kentucky, which is a state that works under the legal premise of equitable distribution. Rather than dividing property and assets 50/50, the state looks at what is fair, based on a series of circumstances specific to your situation. There are many different variables that can affect how a court awards property in a late-life divorce, taking into account factors that can span decades of your married life. You need to have a family law attorney who knows how to help you protect your property so that you are not facing your retirement years without the assets to properly support yourself.

The ins and outs of Kentucky law when it comes to divorce and asset division are complex and affect each couple differently. With a skilled family law attorney who works with clients facing late-life divorce, you can have the peace of mind knowing that you have a specialist who understands how to help you protect your assets.