Trusted Guidance On Divorce Over 50
Divorce over 50, also known as senior divorce or gray divorce, refers to the dissolution of marriage among couples above the age of 50. This type of divorce is becoming common in Michigan, including areas like Bloomfield Hills and Metro Detroit.
Attorney Lisa D. Stern understands the unique challenges that come with divorce at this stage in life, including transitioning to single life after decades of marriage and the impact on adult children. She also knows the importance of providing community and support resources, particularly for those going through an empty nest syndrome.
With almost 30 years of experience in family law, she has vast knowledge to handle complex asset division divorce cases, including those involving business owners with financial portfolios and high-asset divorce. She also understands the importance of health insurance after divorce and can provide guidance on Medicare eligibility and long-term care planning.
What Is The 10-Year Rule For Divorce In Michigan?
In Michigan, the 10-year rule relates to the division of certain retirement benefits during the divorce process, such as military pensions, Social Security benefits and workers’ compensation benefits. In these cases, a former spouse may be entitled to a share of these benefits if the marriage lasted 10 years or more.
When it comes to property division, the length of the marriage is just one factor that the court considers. Asset division considerations after a long-term asset accumulation include:
- Business valuation challenges for long-established businesses
- Investment portfolio management and division
- Real estate division, including residences and vacation homes and investment properties
- Debt division, including credit card debt, mortgages and other liabilities
- Valuation and division of personal property, such as artwork, collectibles and other unique assets
- Division of retirement assets, such as QDROs for pension plans
For those considering a senior divorce after a long marriage, the court considers various factors to determine eligibility for spousal support in a divorce. These include the length of marriage, income and financial resources. At her Lisa D. Stern firm, she provides clients with empathetic guidance on elder divorce.
How Is Retirement Affected By Divorce After Age 50?
Retirement planning is crucial for individuals going through a gray divorce. Lisa can help you with the following:
- Division of retirement accounts accumulated over decades
- Protecting retirement security after divorce
- Adjusting retirement timelines due to divorce
- Understanding the impact on pension benefits
- Assisting in having QDROs drafted through trusted partners
She also understands the importance of taking into account retirement in a divorce and can help you make informed decisions about your financial future. This includes informing you about the impact of divorce on Social Security benefits and health insurance.
Retirement accounts, such as 401(k) and IRA, can also be significant assets in divorces over 50. She can help you with the process of dividing these assets. She also knows the significance of long-term care planning and can provide guidance on medical expenses and how to plan for the future.
Get Seasoned Advice For Your Divorce Over 50 Matter
If you are considering a senior divorce, it is essential to seek advice from an experienced lawyer. Lisa can help you navigate the complex process of late-life divorce, ensuring you seek a fair property division and a reasonable spousal support. Do not hesitate to reach out to her at 248-973-7842 or through her online form to book a consultation.