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June 04, 2021

When a couple has been married for a prolonged period, their properties and finances become more tangled as time passes on. There are many issues and challenges associated with the end of a long-term marriage. Besides causing psychological and emotional problems, these divorces can also affect someone’s retirement plans. After living together for decades, it is hard to determine ownership of assets. Gray divorces may significantly affect the financial position of the parties involved; hence it is crucial to seek help from a gray divorce attorney in Pleasanton CA.

Understanding Gray Divorce

Gray divorces are usually more complex than typical divorces due to the complexity of older adults’ finances. This is because while people are married, they may have established family businesses, gained access to retirement benefits, acquired assets together, or allowed finances to be intertwined together.

Besides handling child support and custody in gray divorces, you may still have to struggle to deal with spousal support and complex asset division laws. This can make it extremely challenging to conclude a fair divorce settlement.

Challenges Associated with Gray Divorce

The complexity of a divorce is typically determined by how long the marriage lasts. Most couples become comfortable with their lifestyle and fail to plan for worst-case instances. This causes their lives to become intensely mixed, making it difficult to separate their assets and incomes during a divorce. Gray divorces require the help of a Pleasanton Gray Divorce Attorney due to their complexity. The following are some challenges associated with gray divorce.

Division of Personal Property and Real Estate

There are many more assets to divide in long-term marriages than in shorter marriages. After acquiring assets together for years, it can be hard to ascertain and divide up vehicles, real estate properties, antiques, and other valuables. Both parties are required to invoice their assets and prioritize which belongings are essential to them. The likelihood of getting what each partner wants is very minimal.

Handling Retirement Benefits

When both partners work equally during their marriage, the retirement benefits can be divided equally. However, in most long-term marriages, one partner may work or earn considerably more than the other. So, first, there is a need to review each partner’s future retirement welfare earning potential. If the partners are close to retirement and the partner without benefits will lack reasonable time to earn benefits, there could be complications.

Handling Family Businesses

If you operate or own a family business, the firm may be considered a marital asset in the divorce, even if you started it before getting married. Your partner doesn’t even require to be part of the typical operations for them to claim a stake in the business. You will have to determine the business value and agree on how it will be divided. You can consider buying out your partner’s shares, liquidating or selling them, or agreeing to split them. This may be challenging if the business has established long-term interests.

Why Hire a Divorce Pleasanton Divorce Lawyer?

It is essential to bear in mind that even the most amicable divorces may turn out to be stressful. Therefore, it is not a good idea to handle divorce on your own. Although you may negotiate the divorce terms with minimal legal interference, you should research all the available options before making a decision. A Pleasanton Divorce and Family Law Attorney can assist you in developing a comprehensive roadmap for handling the case and dividing your assets, household, and business. Pleasanton Divorce Attorney will work toward achieving your best interests.

Finding a  good attorney should be the first step to solving your problem. When handling a gray divorce, you should consider seeking help from a divorce attorney in Pleasanton CA. If you need help, contact us today at Tierney Law Group for legal assistance.