Are you a senior woman considering a divorce? You are not alone. The rate of divorce among seniors has increased significantly over the decades, rising from 2.8 percent to 15 percent, reports the L.A. Times. This growing trend of "gray divorce" has many causes, from staying together for the kids to the relationship suffering from continual wear and tear.
Although this particular case did not originate in our state, Georgia readers of our blog might be interested in it none the less. The case involves a police chief who was convicted on charges of insurance fraud and official misconduct. Although he intends to appeal his conviction, if it holds up in appeals court he could lose his $11,000 monthly pension. Prior to his conviction, and alleged illegal activities he was divorced.
Earlier this month, a federal appeals court ruled that an airline cannot decide that a pilot's divorce is fake, dismissing a lawsuit that accused nine pilots of divorcing their spouses in an attempt to tap into their pension benefits early.
The division of marital property in a divorce proceeding can be of significant, if not overriding, importance. In many ending marriages, there is much to consider, including the family home, alimony obligations, pension and retirement accounts, investments of various types, as well as tax consequences that are often at play.