Wage-earners contemplating a divorce sometimes think their pension accounts do not count as marital property. After all, they were the only ones contributing, so why should they divide the account?
The divorce rate among baby boomers remains high in the U.S. During the last 20 years, the divorce rate has doubled for people age 50 and older. In 2010, one in four divorces in the U.S. was between couples in that age group.
Many older couples getting divorced worry about who will get to keep the house. However, older individuals getting divorced should be more concerned with dividing their retirement plans.
Earlier this week, we wrote a blog post about so-called "gray divorce," which refers to the increasingly-common phenomenon of divorce after the age of 50.
Earlier this year, we wrote a Georgia family law blog post about the increasingly-common trend that is referred to in the media as "gray divorce." In that earlier post, we reported that, although the divorce rate has generally stabilized over the past 20 years, the rate for people over the age of 50 has actually doubled during that time period.
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.
When you are just starting the divorce process, it is easy to become overwhelmed by the sheer number of unfamiliar terms that you encounter on a daily basis. Collaborative law, mediation, spousal support, equitable division and parenting time are all common (and often-confusing) legal family law phrases, to name a few of many.
According to a recent study, women who file for divorce are more likely to suffer long-term financial repercussions of that split than women who remain married or remarry following divorce. Specifically, the data indicates that divorced women may end up with less money when they enter retirement as a result of the loss of their former spouse's Social Security retirement benefits.
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.