How Can an Attorney Prepare You for a Gray Divorce?

September 15, 2024

Going through a divorce is never an easy process, but when it comes to gray divorces, there can be additional concerns to consider. A gray divorce involves spouses over 50 and typically involves longer marriages, significant assets, a family home, retirement accounts, and potential issues related to spousal support, in addition to the possibility that one of the spouses has health or disability issues.

Having the right Virginia divorce attorney handling your gray divorce is particularly critical, as your financial security into your retirement years is of critical importance. If you need assistance with a gray divorce case, contact our experienced divorce attorneys at Culin, Sharp, Autry & Day.

The Importance of Legal Experience

When going through a gray divorce, having a seasoned attorney by your side can make all the difference. Here are some keyways an attorney can help you:

Knowledge of State Laws

Divorce laws vary from state to state, and Virginia has its own body of law. A knowledgeable local divorce attorney will know the relevant statutes and case law that apply to gray divorces as well as the local procedures in each local court in their jurisdiction. They can apply the law to your case and ensure that necessary paperwork is filed correctly and on time.

Asset Division

Gray divorces often involve complex financial situations, including distribution of the family home and other significant assets as well as retirement accounts and benefits that have accumulated over the course of a long marriage. Other assets, such as business interests, investment accounts, and other valuable real and personal property will need to be valued and distribution decisions made for the final divorce. Marital debts, too, must be addressed in a divorce. A divorce attorney can guide the distribution of assets and debts to be fair and equitable under Virginia divorce law. They can analyze your financial situation, assess the value of your assets and debts, and work toward an arrangement that protects your interests and financial well-being.

Spousal Support

In gray divorces, spousal support may be a significant consideration, as one spouse might not have worked for a long time during the marriage. An attorney can help you understand your rights and obligations when it comes to spousal support (also referred to as alimony). They can negotiate on your behalf to secure a fair outcome that takes into account factors such as the length of the marriage, the earning capacity of both parties, age and future employability, and other relevant factors.

Retirement Accounts

Retirement accounts and benefits are often substantial in a gray divorce. An attorney can help you navigate the complexities of dividing retirement accounts, including 401(k) plans, pensions, and IRAs. For highly compensated executives with deferred compensation packages that are not qualified retirement plans under ERISA, an attorney experienced in evaluating and distributing these assets is an invaluable part of your divorce team. For any retirement assets, your attorney can work with financial experts to evaluate the value of these retirement accounts and recommend a distribution that is fair and advantageous to you.

Businesses

Whether you or your spouse have an interest in a business or partnership reported on a schedule C, K-1, an S corporation, the business will be valued and the marital share of the non-owning spouse determined. At Culin, Sharp, Autry and Day, we are experienced in handling divorces involving business and partnership interests.

Mediation and Negotiation

Many gray divorces can be resolved through alternative dispute resolution methods such as mediation or negotiation between divorce attorneys. An attorney can act as your advocate during these processes, helping you through negotiations, standing up for your interests, and working toward a mutually satisfactory resolution. In cases where the spouses are unable to settle their differences in mediation or negotiation, your attorney can represent you in court, fighting for your rights and interests and submitting decisions to a judge.

Virginia Divorce Attorneys You Can Trust

Deciding to divorce later in life can be a stressful prospect, but with the right attorney, you can feel confident that you will have wise counsel and advice and achieve a good outcome for your legal situation. Our attorneys at Culin, Sharp, Autry & Day are dedicated to providing top-notch legal representation for clients going through gray divorces in Virginia.