Gray divorce can bring unique considerations. For example, retirement can mean a loss of income.
Having less income may affect spousal support matters in several ways.
In retirement, health becomes an increasingly important factor. If one spouse has health issues that impact their ability to work again or earn income, this can influence spousal support decisions. Courts may consider medical conditions that affect a spouse’s financial independence.
Retirement accounts and assets
The division of retirement accounts and assets is one aspect of spousal support considerations. Understanding the potential distribution of pensions, 401(k)s and other retirement funds is important for both parties.
Duration of the marriage
The duration of the marriage plays a significant role in spousal support considerations. Georgia law takes into account the length of the marriage when determining whether spousal support is appropriate. Longer marriages may warrant different considerations than shorter ones.
Standard of living during marriage
Maintaining the standard of living during the marriage is a key consideration. If there is a significant discrepancy in the incomes of the retired spouses, the court may evaluate how to ensure that both can maintain a lifestyle reasonably similar to what they experienced during their working years.
In Atlanta, 12% of the population is 65 and older. Meanwhile, the median income of a household in the city is $77,655. It can drop after retirement and further decrease after a divorce.
Contributions during marriage
Contributions can be both monetary and nonmonetary, such as homemaking or childcare. Understanding the value of these contributions helps determine a fair arrangement.
Retirees getting a divorce should approach this phase of life with careful planning to ensure a fair and equitable outcome.