Relationships end all the time. It doesn’t matter if you’ve been together one year or fifty years – sometimes it’s time to say goodbye.
While some marriages blossom when both spouses retire and are able to spend more time with one another, others crack under the strain of so much face-to-face interaction.
If you’re considering a divorce after retirement, divorce mediation may be a good solution for you and your spouse. From Oregon divorce mediator Julie Gentili, here’s what you need to know about divorce mediation for retired couples.
What Makes a Silver Divorce Different?
When a divorce happens to folks who are 60+, it is called a “gray divorce,” in divorce world, but here at Mediation Northwest, we refer to it as a “silver divorce.”
These types of divorces are becoming more popular as more of the population ages. The U.S. Census Department reports that almost 35 percent of all divorcees in 2020 were 55 or older, more than twice that of any other age group.
Sticky Issues in an Oregon Post-Retirement Divorce
If you have been married for decades, then there are likely to be some thorny challenges untangling your lives.
Here are some important issues to consider while preparing for divorce:
- Spousal support—Your spouse may not be earning a salary, but they likely have ongoing revenue streams like stocks, property income, and retirement packages.
- Property division—All property is not the same. Some property has capital gains attached to it and other property does not. So, when splitting-up assets, it’s important to compare the apples to the apples and the oranges to the oranges.
- Social Security—If your spouse earned the bulk of the income during the marriage, then the social security benefits will reflect that, too. It’s important to pull your social security estimated benefits and negotiate the differences in your divorce.
- Life insurance—If spousal support was awarded, you will want to negotiate whether or not a life insurance policy should be required to back-up the spousal support award in case of death. For most folks in retirement, a life insurance policy can cost thousands of dollars a year.
- Retirement plans—The retirement will likely need to be divided, but it needs to be divided in a manner that is equitably for both parties (taxes, pensions, cash accounts, etc.)
With the help of a dedicated and experienced Oregon divorce mediator, you’ll be able to work through these issues with your spouse in a way that provides fair resolutions for everyone.
If you are retired, you want to preserve as much of your nest egg as possible, so many retirees are looking into mediated divorces instead of a traditional divorce – which can cost from $25,000 up to $200,000.
You also want to spend as little time as possible in a divorce. Even amicable divorces take from 8 to 18 months to complete, while litigated divorces take 2 – 3 years.
It typically takes only 3 – 5 months to complete a mediated divorce.
The last thing that you need is attorneys who bill by the hour flooding you with emails, phone calls and meetings about the tiniest point of contention. At Mediation Northwest, we strive to make your divorce as stress-free as possible, which is why we charge a flat fee for our divorces.
Contact Julie Gentili at Mediation Northwest
Mediation Northwest is a boutique divorce mediation firm. It’s all we do! We will handle your divorce with fidelity and care from beginning to end. We hold our clients’ hands through the darkest times in their lives, help them navigate the treacherous waters of divorce, and guide them to a fair and amicable divorce.
Schedule a consultation with Oregon divorce mediator Julie Gentili today to get started on your mediated divorce.