Helping People Navigate New Beginnings Later In Life
Divorce in people over 50 is becoming more and more common in Tennessee and throughout the world as a whole. But ending a marriage later in life comes with its own challenges, different from those when divorcing young. At Shepherd & Long. In Blount County, we are well-versed in all types of divorce challenges, and we can help people who are going through this experience at any age. Our attorneys have over 50 years of combined experience in family law and divorce matters and we’re here to help you navigate this part of your life so you can start fresh on a positive note.
What To Know About Gray Divorce
As mentioned, gray divorce, or divorce over 50, comes with different challenges than divorce in an earlier part of life. This can make this kind of divorce more complicated in some ways. As you grow older, most people accumulate more assets. Their property grows and so does the process of dividing it during divorce. Older people usually have more complicated assets, too, from retirement accounts to investment portfolios, other unique possessions and more. However, gray divorce does not have to be significantly more expensive or complicated. With the right attorney, this process can be made much smoother and more efficient.
Our attorneys are knowledgeable about property division, and we know how to sort through all types of complex assets. For decades, we have built our understanding and skill in the divorce process. No matter your circumstances, we can help guide you through divorce and find positive solutions to any number of problems you might face during it.
Dividing Retirement Assets In A Tennessee Gray Divorce: What You Need To Know
In a gray divorce, retirement assets often become one of the most significant concerns. Many couples facing divorce after 50 in Tennessee or even divorce after 60 in Tennessee have spent decades working in a unified financial account. Most of these assets are marital property, so they must be divided equitably during divorce.
This can raise both emotional and financial stress for those nearing or already in retirement. Here are some retirement accounts that are divided in a late-life divorce in Tennessee:
- 401(k) plans and IRAs: These require a qualified domestic relations order (QDRO) to divide without penalties.
- Pensions: These may offer spousal benefits or require a percentage-based division.
- Military or government retirement benefits: These can be more complex and may require a specialist.
- Social Security benefits: While not divisible, your ex-spouse may be eligible for benefits based on your record if married for 10-plus years.
Working with a divorce attorney who focuses on seniors in Tennessee is essential to ensure proper division without triggering unnecessary penalties. The wrong step can reduce long-term retirement income or result in unexpected tax burdens. This is especially important in contested gray divorce cases in Tennessee, where disputes over retirement funds can delay resolution.
Updating Your Estate Plan After A Gray Divorce In Tennessee
After a gray divorce, many people forget to revisit their estate plans. If you are divorcing later in life in Tennessee, it is critical to update the following:
- Will
- Powers of attorney
- Health care directives
- Beneficiary designations
Without these updates, your former spouse may unintentionally remain your legal decision-maker or inherit your assets. Some important post-divorce estate updates include:
- Changing your will and trust documents
- Naming new powers of attorney
- Updating beneficiary forms on life insurance and retirement accounts
- Reviewing long-term care and healthcare directives
Whether it is a second divorce in Tennessee or your first, these changes protect your wishes and financial future. Even in an uncontested gray divorce in Tennessee, overlooking estate changes can lead to long-term issues. A gray divorce lawyer in Alcoa, Tennessee, can help you restructure your estate plan for peace of mind in your new phase of life as a silver splitter.
Get More Information About Your Situation
If you’re looking to close this chapter of your life, get in touch with our experienced divorce attorneys today. We are ready to help you come to a solution quickly and efficiently and we can help you find a settlement you’ll be satisfied with. Call 865-383-3118 or use our online contact form to set up an initial appointment and learn more.