“Gray Divorce” in California
“Gray divorce,” which refers to the increasing tendency of older couples to divorce after a long marriage, carries with it significant potential financial, lifestyle, and social consequences – most of which are at least potentially negative. An understanding of these potential consequences can help you mitigate their harshness and even avoid some of them altogether.
Your marital assets will be split 50/50 (approximately).
California is a community property state. The basic principle of a post-divorce division of property is that any income or property gained during the marriage will be split 50/50, no matter whose salary paid for it and no matter whose name is on the title. There are certain exceptions to the 50/50 rule, such as inheritances. You could end up with either a nasty or a pleasant surprise if you don’t understand how this works.
Spousal support (alimony) is likely to be granted to the lower-earning spouse.
Although California courts don’t always award spousal support, they are most likely to do so when the marriage has lasted 10 years or more. The longer the marriage lasted, the longer spousal support is likely to continue. If you divorce a low-earning partner after 40 years of marriage, for example, the court might award lifetime spousal support.
If you are retired, you might have to go back to work.
The bottom line is that it is more expensive to maintain two households than one. That means there is likely to be a net financial loss no matter how the court divides the property, and there are only a certain number of ways to make up that shortfall. Going back to work is one of them.
If you want the house, you’re probably going to have to give up something else.
Your home will probably be considered marital property that is owned 50/50 by each of you. If you want it all, you are probably going to have to trade off something else to get it. If you can’t afford the mortgage, you may even have to sell the house and split the proceeds between you.
You might be entitled to Social Security benefits based on your ex-spouse’s work record.
If you were married for at least 10 years, you can receive work credits from the Social Security Administration, even if your ex has remarried (as long as you haven’t), as long as you are at least 62 and as long as your entitlement to Social Security is less than your spouse’s.
Your adult children will be affected one way or the other.
If you divorce late in life, your children are likely to be grown. Nevertheless, a “gray divorce” could result in significant emotional turmoil within your family. If you are still supporting adult children, you may be forced to terminate that support.
Get Started Now
If you are considering the possibility of joint custody, you are going to need to make an informed decision rather than a hasty one. To explore your options, call 909.204.7920 directly, fill out our online contact form, or stop by one of our offices in Rancho Cucamonga, Riverside, and Los Angeles.
