Beth Barbosa: Family Law Attorney Negotiating Gray Divorce in Edina, MN
While the overall divorce rate in the United States has been on the decline in the last 20 years, there is one main demographic that has seen a spike in divorces: people over fifty. Amongst this demographic, the divorce rate has doubled. Many of these couples have been together for 20 years or more, and they face unique obstacles when going through the process of divorce. With limited time to recover from a divorce before retirement, gray divorce can require even more strategic negotiation. However, if you have the right attorney, your divorce doesn’t need to be a knock-down, drag-out fight for assets. Beth Barbosa is a divorce attorney in Edina, Minnesota who believes in reaching a fair yet advantageous resolution for her clients. She will get to know you and your situation so she can tailor her process to your specific needs and goals. Beth has worked with many gray divorce clients, so she knows that every situation is different and requires personalized care.
The Cause of Gray Divorce
In the past, being in your fifties or sixties meant slowing down, retiring, and maybe even buying a rocking chair for your front porch. These days, seniors are enjoying many happy and healthy retirement years spent keeping active, connecting socially, and traveling. If you’re divorcing your spouse for many years, you’re likely ready to move on from your marriage and start living life for yourself. You may have realized that you and your spouse have drifted apart over the years and now have completely different interests. Maybe you have decided to act because you’ve realized that you and your spouse don’t share the same dreams for the future. You are not alone in these thoughts; many experts believe gray divorce is on the rise because many couples are acknowledging these same feelings after decades of marriage.
Beth Barbosa in Edina, Minnesota can help you move past this stage of your life. Whether you believe your split will be amicable or rocky, you need a professional to help you navigate the proceedings from beginning to end. Beth believes in ensuring each spouse will move forward with dignity when everything is said and done, and she has satisfied clients from the past 20+ years to prove it.
Protecting Your Assets During A Gray Divorce
Because you may not have as many earning years left as younger couples that are splitting up, it’s important to find an attorney who will not drag out the process by moving slowly. Beth Barbosa is the perfect advocate. She creates a personalized plan for your divorce and works diligently to ensure the process is as swift and painless as possible.
When you’re approaching retirement, you want to ensure you have your finances in order so you can maintain your current lifestyle. This means walking away from your divorce with assets that can bring you long-term financial stability. Beth always considers the big picture because she understands that this stability is a vital component to your fresh start.
Your home may be the biggest financial asset you share with your spouse. This can be tricky to navigate because of the sentimental value the home may hold to one or both spouses. In addition, it is an asset that can fluctuate in value considerably over a short period of time. Beth will use your home’s appraisal to help you identify how to best retain your financial cushion for the future, whether that means fighting to stay in the home, giving it up to your spouse in exchange for other assets, or selling it and distributing the profit between the two of you.
There are many additional unique considerations for spouses going through a gray divorce, such as social security benefits, retirement account and pensions, insurance, long-term care, and estate planning. More than anything, you need an experienced, no-nonsense attorney who will help guide you through this process. Beth Barbosa will walk you through all these considerations to ensure nothing slips through the cracks.
Contact Beth today if you’d like to connect with an experienced family law attorney in Edina, MN.
Gray Divorce FAQs
A gray divorce is simply a divorce where the spouses have been together 20+ years and are middle aged or older. It can also refer to a divorce that happens close to or during retirement age for either of the spouses. A gray divorce is classified differently because it brings up a number of unique considerations for the spouses. There are financial concerns such as social security benefits, retirement account and pensions, insurance, long-term care, and estate planning. In addition, spouses may have less earning years to build up their retirement accounts after a gray divorce. Because of these considerations, it’s important for spouses in a gray divorce to work with an attorney who is knowledgeable about gray divorces.
It’s great that Americans are staying healthy and active well into retirement, but a gray divorce can be caused by our increased health and longer lives. As we all know, people can change over time. Gray divorces often occur when you come to the realization that you and your spouse have drifted apart over the years and now have completely different interests. Maybe you have decided to pursue a divorce because you’ve realized that you and your spouse don’t share the same dreams for the future. Many experts believe gray divorce is on the rise because many couples are acknowledging these same feelings after decades of marriage.
It’s becoming more and more common for older couples and “empty nesters” to seek a gray divorce. In fact, this demographic of divorcing people is growing while all other types of divorce are on the decline. Americans are feeling young, healthy, and active longer, so they have many things they’d like to accomplish in their lifetimes. At the same time, many couples in their 50s and beyond realize they have grown apart over the years and no longer have the same goals or interests. This can lead to the end of a marriage. If you’re concerned about seeking a gray divorce because you believe it’s uncommon, know that is not the case. In fact, Beth has become experienced in gray divorces specifically because of the many Minnesota couples who have chosen a gray divorce in the past. She has worked with many couples who are approaching or enjoying retirement when they decide to get divorced.
No one can tell you if the time is right to get divorced; it’s a decision you must make for yourself. But if you’re avoiding a divorce at 50 because you think it will be financially devastating, you should reconsider. True, there are some unique challenges to getting divorced in your 50s, but they can be overcome with the help of a knowledgeable gray divorce attorney in Edina. In some ways you may be better off getting divorced at 50. You’ve had the opportunity to establish yourself since your 20s, and you probably know your career by now. And if you’ve been a stay at home parent, you’ll have the opportunity to re-enter the workforce during your divorce since your kids are older now.
A gray divorce doesn’t always have to be complicated, but sometimes complicated issues do arise. This is because you may have had the opportunity to accumulate a number of shared assets during the 20+ years of your marriage; they could be more difficult to split up equitably during the divorce. In addition, individuals pursuing a gray divorce are generally closer to retirement and may not have as much time post-divorce to rebuild their retirement funds. This can make the process somewhat contentious, especially if spousal maintenance is on the table. Still, the right attorney for the job can walk you through the steps of your gray divorce and simplify the process.
There’s no “one size fits all” answer. You may have to have some of your retirement funds disbursed to meet the conditions of your divorce, but you may not. If your retirement fund is more important to you than other assets, you might be able to distribute those marital assets in such a way that your retirement accounts will remain intact. This will also be dependent on whether you created a prenuptial agreement before you got married. Your gray divorce attorney in Edina can advise you further on how to approach your retirement funds during your divorce.
The first kind of professional assistance you should seek during your gray divorce is legal representation through a gray divorce attorney in Edina. Your attorney can then bring in other professionals as needed to assist with your case. For example, Beth Barbosa works with financial neutrals, independent business appraisers, realtors, and others with specialized knowledge to help build the best case for her gray divorce clients. When you’re divorcing later in life it becomes even more important to have your assets fairly and accurately appraised. Armed with this information, your gray divorce lawyer can help you negotiate a favorable settlement that won’t knock you off your path to retirement.
When you’re approaching retirement, you want to ensure you have your finances in order so you can maintain your current lifestyle. This means walking away from your divorce with assets that can bring you long-term financial stability. When you’re navigating a gray divorce, your attorney should always consider the big picture. It is important for your gray divorce lawyer to understand that this stability is a vital component to your fresh start.
It can also be difficult to leave your marriage without some of the property and assets you may have put years or decades into acquiring. If this is the case in your gray divorce, it’s important not to neglect your mental health and well-being. Understand that the sacrifices you’re making during your divorce will help you achieve the long-term financial stability you seek.
There are many unique considerations for spouses going through a gray divorce, such as social security benefits, retirement account and pensions, insurance, long-term care, and estate planning. However, even the standard division of property that comes with a divorce can be trickier for couples who have been together 20+ years. Take your home, for example. It may be the biggest financial asset you share with your spouse. This can be tricky to navigate because of the sentimental value the home may hold to one or both spouses. In addition, its value can fluctuate considerably over a short period of time. Luckily, your attorney can use your home’s appraisal to help you make a logical decision about what to do with your home.
Spousal support may be a possibility in gray divorces, but it isn’t necessarily a factor in every single gray divorce. In some cases spousal support will only need to be paid short-term until the other spouse is back in the workforce. In other cases it must be paid long-term. If you think you may have to pay spousal support to your ex because your income is significantly higher, you should discuss your options with your gray divorce attorney in Edina. You may be able to negotiate the distribution of your assets in such a way that your spouse agrees to decline spousal support.
If you’re getting divorced later in life and are searching for an attorney who has experience in gray divorces, Beth Barbosa may be a great fit for your case. Beth has worked with many financially established clients during their divorces. She has a particular interest in working with business owners, executives, and physicians to help them navigate their high-asset divorces. These divorces often happen later in life, so Beth has naturally gained extensive experience in the area of gray divorce. Contact Beth if you would like to learn more about how she can help you obtain a satisfactory outcome in your gray divorce.