A “gray divorce” refers to a separation between a couple of retirement age, or above the age of 50. Those who are seeking a gray divorce often have unique issues. For example, child support and child custody are rarely points of disagreement.
How assets and property will be divided as well as financial survival after retirement, on the other hand, tend to be pressing issues amongst older adults who are seeking a divorce. If you’re above the age of 50 and are getting a divorce, here are four valuable assets that you will need to think about when considering asset and property division.
1. Retirement Funds
Retirement funds and benefits may encompass a wide array of monetary sources. For example, retirement funds may include, but are not limited to, the following listed below.
- Personal savings
- Pension plans
- 401(k) plans
- Deferred compensation plans
- 403(b) plans
- IRA (Individual Retirement Account) funds
Because Washington State is a community property state, these funds must almost always be divided equitably in the event of a divorce.
2. Portfolios
A financial portfolio is a broad term for any collection of financial assets. A third party, such as an investment firm, bank, hedge fund, or financial professional, almost always manages a financial portfolio. Again, if you are seeking a divorce in Washington State, the value of your or your spouse’s portfolio (i.e. the total value of your assets) will be up for division based on community property laws.
3. Burial Plots
During a marriage, many couples purchase a cemetery plot in which they plan to be buried side-by-side when death occurs. However, if you are seeking a divorce, it’s a safe bet that you no longer wish to share a final resting place. As such, the value of the burial plot should be considered when dividing property and assets.
4. Social Security Benefits
Per federal law, Social Security benefits are neither addressed nor divided in the event of a divorce. However, if you have been married for ten years or more, then you may be able to receive benefits on your ex-spouse's record. According to the Social Security Administration, your benefit as a divorced spouse is equal to one-half or your ex-spouse’s full retirement benefit.
How to Ensure Fair Asset Division in Divorce
If you want to ensure that your marital assets are divided justly in a gray divorce, it’s important that you have a family and divorce lawyer on your side who can negotiate on your behalf. Contact the Law Offices of Molly B. Kenny, to start work today. To learn more, call 425-460-0550 now.
