High Asset Divorces and Their Effect on Golden Years Divorces

If you’re in your “Golden Years” and considering a divorce, this blog is for you. You may be feeling concerned about how your assets will be divided, especially when those hard-earned possessions represent years of dedication and effort. As the prospect of continuing life as a couple fades, a judge will decide how to divide your assets based on what they determine to be fair. It’s essential to understand how these decisions will impact your financial future and plan accordingly.

The fact is that divorce for people over fifty will be complicated regardless of how much money a couple has. Still, the complications increase exponentially for those of you whose community property estate is substantial. Effective planning and communication with your family law attorney can reduce complications and set the stage for a successful divorce.

Ensure Will and Trust Terms Survive Divorce

If you and your spouse have substantial assets, you may contain a provision for allocating those upon your death. In the more immediate sense, it’s possible that trusts have been established to manage these assets when the time comes to distribute them to the intended beneficiaries. These trusts guarantee the provision for your family members and minimize taxes related to gifts and similar matters.

What happens to these arrangements after a divorce case? Your family law attorney can address trust revocability during divorce. If needed, they can also connect you with a probate attorney for further assistance.

For instance, I know that my wife and I’s wills are so-called “mirror wills”- they reflect each other perfectly. Our goals and objectives are the same because we are a cohesive unit that shares equally in our assets. However, in the event of divorce, those circumstances no longer apply, and each of our wills would require modifications.

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Managing Family-Owned Businesses Post-Divorce

Suppose you started a business that allowed your family to earn a high income during your marriage to your spouse. However, during the divorce, you and your spouse disagree on business ownership post-divorce. You may have been doing the work inside the company, but your spouse may argue their contribution. For example, their role in raising the kids during the business’s infancy or handling bookkeeping and logistical responsibilities.

This is a situation that can lead to a lot of drama and much arguing in the context of settlement negotiations. While there is more than one way to skin a cat, your attorney should be familiar with complex business negotiations in the context of a divorce.

Whether you and your spouse will sell the business and divide the profits, or if one spouse will retain the company and pay a pre-determined sum to the other, a thorough analysis should protect your rights in any eventual agreement.

What to Do with the Family Home?

The house you and your spouse live in can be one of the more difficult items to deal with as far as your divorce is concerned. This home may be the one you all moved into upon getting married and where you raised your children together. There are a lot of memories and a lot of residual emotional hang-ups associated with doing anything other than hanging onto it as long as you can. This, of course, is highly understandable.

On the other hand, it may be best that you and your spouse agree to sell the home and split any equity received upon a successful sale. Being able to talk through the emotional aspects of your selling your home in a divorce is an important reason to have a trusted attorney by your side in your divorce.

The other end of the spectrum has cold, complex numbers as a significant concern. Selling a home can result in potential capital gains taxes if the return on the sale exceeds $500,000. If the home is awarded to you or your spouse, and it’s sold after the divorce, only $250,000 is exempt from taxes for a single person. The remaining portion of the profits from selling the home will be taxable.

Conclusion

Navigating a “golden divorce” presents unique challenges, particularly when it comes to dividing assets accumulated over a lifetime. For those entering their “Golden Years” and contemplating divorce, the future of their hard-earned property becomes a primary concern. Homes, investments, and bank accounts reflect years of dedication and effort. As the prospect of continuing life as a couple fades, the division of these assets will often depend on a judge’s interpretation of fairness. Seeking professional guidance and legal counsel tailored to “golden divorce” cases can provide invaluable support, ensuring a fair and equitable resolution for all parties involved.

Entering into a Golden Years divorce and have questions for an attorney? Contact the Law Office of Bryan Fagan, PLLC, today.

If you are interested in a divorce and are of retirement age, please do not hesitate to contact the Law Office of Bryan Fagan, PLLC, today. We have represented countless clients in your position and would be happy to speak to you about the services we can offer you and your family. A family law attorney with our office can talk to you about six days a week for a free consultation.

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Other Articles you may be interested in:

1. Special Considerations for Divorces Over Fifty
2. Financial issues with a gray divorce
3. Unique Challenges that the Elderly Face When They Divorce
4. Texas Divorce and Retirement & Employment Benefits by the Numbers
5. Is Social Security Considered Separate Property in a Texas Divorce?
6. Will My Spouse Get Part of My Retirement in Our Texas Divorce?
7. Husband Loves His Wife and Wants a Divorce in Texas “On Paper” for Strategic Financial Reasons?
8. My Spouse Has Accused Me of Adultery in my Texas Divorce, and I Haven’t
9. When is Cheating Considered Adultery in a Texas Divorce?
10. Sex, Lies, Rock-and-roll, and Adultery in a Texas Divorce
11. Can I Sue My Spouse for Mental Abuse in My Texas Divorce?

Law Office of Bryan Fagan, PLLC | Spring Divorce Lawyer

The Law Office of Bryan Fagan, PLLC, routinely handles matters that affect children and families. If you have questions regarding divorce, it’s essential to speak with a Spring, TX Divorce Lawyer right away to protect your rights.

A divorce lawyer in Spring, TX, is skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact the Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form.