Gray Divorce: Unwinding Assets and Liabilities When Long-Time Marriages End as Retirement Begins
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
Family Law
- event Date
Thursday, August 15, 2019
- schedule Time
1:00 PM E.T.
- timer Program Length
90 minutes
-
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
-
This CLE course will educate family law practitioners on issues surrounding the growing trend of the ending of first marriages between baby boomers, referred to as "gray divorce." Though child custody is not an issue, long term financial intertwining of assets and liabilities, as well as items of established sentiment, provide challenges for counsel to overcome.
The divorce rate among adults ages 50+ doubled between 1990 and 2010, with almost a quarter of all divorces in 2010 involving parties age 50 and older. Family law practitioners must prepare for this growing wave of gray divorce. Though it is tempting to view the termination of a long-time first marriage as no different than any other separation, that view does not align with practitioner experience.
On the one hand, lower asset bases may come into play: Those who divorce at older ages tend to have less wealth than those who remain married, with the gray divorced having only one-fifth of the assets of younger married couples.
Complex issues such as revocation of wills, trusts and medical directives; maximization of retirement assets; division of long-held real estate; and long-term care will also come into play. Life insurance issues take on greater importance because there is an increased likelihood of death before the termination of spousal maintenance.
Listen as this multidisciplinary panel discusses the legal and financial aspects of gray divorce. The group will address not only asset and liability issues but also particular issues arising out of retirement and long-term care. The discussion will include the psychological and emotional causative factors of this trend.
- Social, economic and demographic exploration of gray divorce
- Legal issues particular to gray divorce
- Possible revocations of wills, trusts and directives
- Retirement issues
- Financial
- Long-term care
- Real estate
- Insurance
- Grandparental visitation rights
- Practical guidance
- Documents to review
- Exploration of medical considerations
- Government benefits
- Practice guidance in gray divorce representations
The panel will review these and other critical matters:
- Exploration of gray divorce trend
- The specific application of general divorce expertise to gray divorce instances
- Discussion of particular items of importance in gray divorce legal representation
