Tuesday, July 27, 2010

Gray Divorce: A Growing Trend

Just because they have recently made the headlines, Al and Tipper Gore certainly do not have the only long-term marriage which is splitting up in this nation today. Indeed, the trend is toward more and more "gray divorces;" that is, married couples over 50 who are seeing divorce lawyers and fiiling for divorce. According to numerous reports, presently, one-fourth of all marriages which have lasted two decades, or longer, are now headed toward divorce court.
If you find yourself in this situation, what are some of the consequences and important things for you to discuss with your own divorce lawyer? Let's focus one just one today: what will happen to the marital home?
First, you should consider who will keep the marital home. Also, if you decide you can't afford the home, then consider how can you get your name off the security deed and, at the same time, how can you get your fair share of the home equity. For instance you may want to discuss with your divorce attorney the idea of either requiring your spouse to refinance the home mortgage, in his own name, (thus eliminating your liability), or simply list and sell the home, (and split the net proceeds).
Of course, many of the issues common to a "gray divorce" will also be faced by younger married couples going through a divorce. But hopefully, with the help of an experienced divorce lawyer, (along with loving support from family and friends), you can, at any age, successfully navigate the same waters, too!

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