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Posted By Fair Cadora, APC

Older couples have begun to get divorces a lot more frequently in recent years. In many cases, these divorces, known as “gray divorces,” have several factors that must be taken into consideration in negotiations that a younger couple may not have to account for. These factors can add a substantial amount of complexity to the asset division aspect of a divorce agreement.

Extra Complexity for Asset Division

Couples going through a gray divorce have often been married longer and have more assets to their name, making it difficult to make a valid claim as to sole ownership. This usually means that a gray divorce requires substantially more negotiation and a longer legal battle.

Here are some non-traditional factors that must also be considered in a divorce:

  • Retirement funds & accounts: a lifetime of work and retirement savings is stored up in these accounts which were are not usually designed to account for a divorce. Therefore, a mutually beneficial agreement for how to divide these funds must be reached.

  • Estate plans & wills: If you have created your estate plan (which is highly advised), a divorce may mean you need to heavily modify or even completely re-draft it to account for such a dramatic change in beneficiaries.

  • Social security: A change in your marital status will affect your ability to collect social security benefits, sometimes for the better, sometimes not.

  • Alimony: Spousal support is very likely to be awarded in a gray divorce, due to advanced age and potentially poor health limiting the ability of a spouse to get back into the workforce and support themselves. These awards are usually far larger than a younger couple, and may even be permanent.

  • Health issues: the ability to pay for medical coverage, which is often needed more frequently at an advanced age, is something that needs to be considered. If one spouse will lose medical coverage, this should definitely be something discussed in negotiation proceedings.

If you are considering a gray divorce, the skilled attorneys at Fair Cadora, APC may be able to assist you. Our team of professionals understand the importance a divorce can have on your life. We provide individualized service to each of our clients that is backed by the knowledge and skill that has earned several accolades, including Board Certification by the California State Bar Board of Legal Specialization.

Please call the firm today to schedule a consultation to discuss your options.

Posted By Fair Cadora, APC

When you and your spouse finalize your divorce, one of the common questions that is brought up is what happens to insurance policies that were taken out. While each divorce is unique and an experienced attorney may be able to better answer these questions based on the specifics of your case, here are some general guidelines of what to expect in regards to insurance after your divorce.

Car Insurance

After your divorce, you will want to remove your spouse and any cars you no longer have possession of from your policy. This may require you to open a new policy entirely, which could mean you lose some discounts for things such as multiple-car. However, this could prove to be a good time to shop around for new coverage, as this change may actually add significant expense to your monthly premiums.

Home Insurance

Once your divorce becomes complete, whichever spouse takes possession of the home should remove the other spouse from the policy as soon as possible, making themselves the sole beneficiary. This likely will not change the price at all unless the policy was a “bundle” with other types of insurance (i.e. your car), which also may have changed as discussed previously.  The spouse who moves out may want to consider purchasing some form of a renters’ insurance for their new living situation to protect them against any unforeseen sudden expenses.

Health Insurance

If you currently receive health insurance through your employer, this coverage will likely continue, but you will want to remove your ex as a dependent. If you were getting your insurance through your spouse’s plan, you can either sign up through your own employer, purchase your own through the private market, or get an extension through COBRA insurance. This allows you to essentially extend your ex’s insurance for up to an additional 36 months, but you must pay for the policy yourself.

If you have any questions regarding insurance policies or any other aspect of a divorce, the experienced San Diego divorce attorneys from Fair Cadora, APC may be able to help you. Our team of elite professionals have many years of combined experience and earned numerous honors, including being named a Board Certified Family Law Specialist by the California Board of Legal Specialization.

Please call the firm today to schedule a consultation to discuss your options.

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