Overall, divorce rates have dropped significantly in Michigan, but this isn’t true of divorce among those who are 50 and older. In fact, gray divorce is on the rise, and while minor children are less likely to be involved, there are tricky financial complications that often accompany these cases. Our experienced Westland, MI, gray divorce lawyers at The Smith Law Offices, P.C., are well prepared to skillfully champion your rights in pursuit of favorable divorce terms in your case.
In gray divorce, the division of marital property tends to be more complex than in divorces that follow shorter marriages. Decades of intertwined finances mean more assets to untangle, more nuanced legal intricacies, and more room for engaging in underhanded practices such as hiding assets or spending down funds in the buildup to divorce.
Retirement accounts are often among the most significant assets at stake in a gray divorce. For spouses who are approaching retirement age, these accounts may represent the foundation of their financial future, making it critical that they are identified, valued, and divided correctly. A qualified domestic relations order (QDRO) is typically required to divide certain retirement accounts without triggering tax penalties, adding another layer of complexity to the process.
Further, as each spouse inches closer to retirement, their financial standing will play a more critical role in their financial future. This makes protecting your financial rights in a gray divorce paramount, and our dedicated Westland gray divorce attorneys welcome the opportunity to help.
In Michigan, alimony is never automatic and is considered on a case-by-case basis. Gray divorce is a prime example of when alimony is most likely to be ordered. This follows a long marriage in which one spouse earns significantly less than the other or otherwise has diminished earning potential.
Consider the following factors that guide alimony cases and directly relate to gray divorce in Michigan:
The parties to gray divorce often present circumstances that weigh heavily in favor of alimony across multiple factors. However, you still must present a strong case in favor of alimony if you believe you are entitled to support. If you think you should not have to pay alimony, you must present a strong case as to why your spouse can support themselves.
Our knowledgeable Westland gray divorce lawyers at The Smith Law Offices appreciate all the unique challenges associated with divorcing after a long marriage, and we will spare no effort in support of your financial rights. The outcome of your case is critical to your future, so please do not put off reaching out for more information about everything we can do to help by contacting us online or giving our firm a call at 734-729-4465 today.
